Information Memorandum

Transcription

Information Memorandum dated 2 August 2016
Autoroute de Liaison Seine-Sarthe
(incorporated as a limited liability company (société anonyme) under the laws of France)
issue of
€857,500,000 2.485 per cent. Senior Secured Amortising A1 Bonds due 2046
Issue price: 100 per cent.
The €857,500,000 2.485 per cent. Senior Secured Amortising A1 Bonds due 2046 (the “A1 Bonds”) will be issued on 5 August 2016 (the “Issue Date”)
by Autoroute de Liaison Seine-Sarthe (“Alis” or the “Issuer”), a French limited liability company (société anonyme) and registered with the Registre du
commerce et des sociétés of Bernay under number 422 654 160. Interest will accrue on the A1 Bonds at a rate of 2.485 per cent. per annum from (and
including) the Issue Date to, but excluding, 31 July 2046 (the “A1 Bonds Maturity Date”). Interest will be payable semi-annually in arrear on 31 January
and 31 July in each year (each a “Bonds Payment Date”), starting on 31 January 2017. The A1 Bonds will be redeemed in instalments on each Bonds
Payment Date.
On the Issue Date, the Issuer will also issue €42,500,000 unlisted senior secured inflation-linked A2 bonds due 2032 (the “A2 Bonds” and, together with
the A1 Bonds, the “A Bonds” or the “Bonds”, and the series of each of the A1 Bonds and the A2 Bonds will be referred to as a “Series”) to certain
investors.
Application has been made to admit the A1 Bonds to trading on the Alternext market of Euronext in Paris (“Alternext”). Alternext is an organized
multilateral trading facility (système multilatéral de négociation organisé) within the meaning of articles 524-1 et seq. of the Règlement général of the
French Autorité des marches financiers (the “AMF”). Alternext is not a regulated market for the purposes of Directive 2004/39/EC, as amended, of the
European Parliament and of the Council on markets in financial instruments.
The A1 Bonds have been accepted for clearance through Euroclear France, Clearstream Banking, société anonyme (“Clearstream”) and Euroclear Bank
S.A./N.V. (“Euroclear”). The A1 Bonds will on the Issue Date be inscribed (inscription en compte) in the books of Euroclear France which shall credit
the accounts of the Account Holders (as defined in “Terms and Conditions of the A1 Bonds – Form, Denomination and Title” herein) including Euroclear
and the depositary bank for Clearstream.
The A1 Bonds will be issued in dematerialised bearer form (au porteur) in the initial denomination of €100,000 each. The A1 Bonds will at all times be
represented by book-entries in the accounts of an Account Holder designated by the relevant A1 Bondholder. No physical document of title (including
certificats représentatifs pursuant to Article R. 211-7 of the French Code monétaire et financier) will be issued in respect of the A1 Bonds.
The A1 Bonds are expected to be rated Baa2 by Moody’s Investor Services Limited (“Moody’s”) on the Issue Date. Moody’s is established in the
European Union and is registered under the Regulation (EC) No. 1060/2009 (as amended) (the “CRA Regulation”). As such Moody’s is included in the
list of credit rating agencies published by the European Securities and Markets Authority on its website (at
http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA Regulation. A security rating is not a recommendation
to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating organisation.
An investment in A1 Bonds involves certain risks. Prospective investors should have regard to the factors described in the section “Risk Factors”
on page 15.
IMPORTANT NOTICE
This information memorandum (including the documents incorporated by reference) (the “Information Memorandum”) includes information on the
terms of the A1 Bonds, the Issuer and the Project (as defined under section “Overview of the Project” of this Information Memorandum). This
Information Memorandum does not constitute a prospectus for the purposes of Article 5.3 of Directive 2003/71/EC of the European Parliament and of the
Council on the prospectus to be published when securities are offered to the public or admitted to trading (the “Prospectus Directive”). This Information
Memorandum has not been, and will not be, approved by any competent authority within the meaning of the Prospectus Directive.
The A1 Bonds will not be offered to the public in any jurisdiction (including France) and the A1 Bonds are offered by way of a private placement
made exclusively to qualified investors (investisseurs qualifiés), acting for their own account and/or persons providing investment services
relating to portfolio management for the account of third parties (personnes fournissant le service d’investissement de gestion de portefeuille pour
compte de tiers), as defined in, and in accordance with, articles L.411-1, L.411-2 and D.411-1 of the French Code monétaire et financier.
Copies of this Information Memorandum will be available on the website of the Issuer (https://www.alis-sa.com/fr/informations-financieres/)
Joint Arrangers and Bookrunners
Deutsche Bank
HSBC
TABLE OF CONTENTS
OVERVIEW OF THE PROJECT ........................................................................................................................ 1
TRANSACTION OVERVIEW.......................................................................................................................... 12
RISK FACTORS ................................................................................................................................................ 15
USE OF PROCEEDS ......................................................................................................................................... 27
DESCRIPTION OF THE ISSUER..................................................................................................................... 28
DESCRIPTION OF THE SHAREHOLDERS ................................................................................................... 31
DESCRIPTION OF THE PROJECT DOCUMENTS........................................................................................ 35
DESCRIPTION OF THE FINANCE DOCUMENTS ....................................................................................... 51
TERMS AND CONDITIONS OF THE A1 BONDS......................................................................................... 57
TAXATION ..................................................................................................................................................... 114
SUBSCRIPTION AND SALE ......................................................................................................................... 116
GLOSSARY ..................................................................................................................................................... 118
GENERAL INFORMATION........................................................................................................................... 151
APPENDIX 1: FINANCIAL STATEMENTS ................................................................................................. 153
APPENDIX 2: FINANCIAL MODEL OUTPUTS .......................................................................................... 185
(i)
IMPORTANT INFORMATION
This Information Memorandum is not a prospectus for the purposes of Article 5.3 of Directive 2003/71/EC
(the “Prospectus Directive”) as amended (which includes the amendments made by Directive 2010/73/EU to
the extent that such amendments have been implemented in a relevant Member State of the European
Economic Area).
The Issuer accepts responsibility for the information contained in this Information Memorandum. To the best
of the knowledge of the Issuer (having taken all reasonable care to ensure that such is the case) the
information contained in this Information Memorandum is in accordance with the facts and does not omit
anything likely to affect the import of such information.
The Issuer, having made all reasonable enquiries, confirms that this Information Memorandum contains all
material information with respect to the Issuer, the Project and the A1 Bonds (including all information which,
according to the particular nature of the Issuer, the Project and the A Bonds, is necessary to enable investors to
make an informed assessment of the assets and liabilities, financial position, profits and losses and prospects
of the Issuer and of the rights attaching to the A1 Bonds), that the information contained or incorporated in
this Information Memorandum is true and accurate in all material respects and is not misleading, that the
opinions and intentions expressed in this Information Memorandum are honestly held and that there is no
other fact the omission of which would make this Information Memorandum or any of such information or the
expression of any such opinion or intention misleading.
None of Deutsche Bank AG, London Branch, HSBC France and HSBC Bank plc (together, the “Joint
Arrangers and Bookrunners”) has independently verified the information contained herein. Accordingly, no
representation, warranty or undertaking, express or implied, is made and no responsibility or liability is
accepted by the Joint Arrangers and Bookrunners as to the accuracy or completeness of the information
contained in this Information Memorandum or any other information provided by the Issuer in connection
with the offering of the A1 Bonds. None of the Joint Arrangers and Bookrunners accepts liability in relation to
the information contained in this Information Memorandum or any other information provided by the Issuer in
connection with the offering of the A1 Bonds or their distribution.
No person is or has been authorised by the Joint Arrangers and Bookrunners or the Issuer to give any
information or to make any representation not contained in or not consistent with this Information
Memorandum or any other information supplied in connection with the offering of the A1 Bonds and, if given
or made, such information or representation must not be relied upon as having been authorised by the Issuer or
the Joint Arrangers and Bookrunners.
Neither this Information Memorandum nor any other information supplied in connection with the offering of
the A1 Bonds (a) is intended to provide the basis of any credit or other evaluation or (b) should be considered
as a recommendation by the Issuer or the Joint Arrangers and Bookrunners that any recipient of this
Information Memorandum or any other information supplied in connection with the offering of the A1 Bonds
should purchase any A1 Bonds. Each investor contemplating purchasing any A1 Bonds should make its own
independent investigation of the financial condition and affairs of the Issuer and its own appraisal of the
creditworthiness of the Issuer. Neither this Information Memorandum nor any other information supplied in
connection with the offering of the A1 Bonds constitutes an offer or invitation by or on behalf of the Issuer or
the Joint Arrangers and Bookrunners to any person to subscribe for or to purchase any A1 Bonds.
Neither the delivery of this Information Memorandum nor the offering, sale or delivery of the A1 Bonds shall
in any circumstances imply that the information contained herein concerning the Issuer or the Project is
correct at any time subsequent to the date hereof or that any other information supplied in connection with the
offering of the A1 Bonds (whether contained in this Information Memorandum or otherwise) is correct as of
any time subsequent to the date indicated in the document containing the same. The Joint Arrangers and
Bookrunners expressly do not undertake to review the financial condition or affairs of the Issuer during the
life of the A1 Bonds or to advise any investor in the A1 Bonds of any information coming to their attention.
This Information Memorandum does not constitute an offer to sell or the solicitation of an offer to buy the A1
Bonds in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such
jurisdiction. The distribution of this Information Memorandum and the offer or sale of A1 Bonds may be
restricted by law in certain jurisdictions. The Issuer and the Joint Arrangers and Bookrunners do not represent
(ii)
that this Information Memorandum may be lawfully distributed, or that the A1 Bonds may be lawfully
offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or
pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such
distribution or offering. In particular, no action has been taken by the Issuer and the Joint Arrangers and
Bookrunners which is intended to permit a public offering of the A1 Bonds or the distribution of this
Information Memorandum in any jurisdiction where action for that purpose is required. Accordingly, no A1
Bonds may be offered or sold, directly or indirectly, and neither this Information Memorandum nor any
advertisement or other offering material may be distributed or published in any jurisdiction, except under
circumstances that will result in compliance with any applicable laws and regulations. Persons into whose
possession this Information Memorandum or any A1 Bonds may come must inform themselves about, and
observe, any such restrictions on the distribution of this Information Memorandum and the offering and sale
of A1 Bonds.
Certain of the Joint Arrangers and Bookrunners and their affiliates have engaged, and may in the future
engage, in investment banking and/or commercial banking transactions with, and may perform services for,
the Issuer and their affiliates in the ordinary course of business. In addition, in the ordinary course of their
business activities, the Joint Arrangers and Bookrunners and their affiliates may make or hold a broad array of
investments and actively trade debt and equity securities (or related derivative securities) and financial
instruments (including bank loans) for their own account and for the accounts of their customers. Such
investments and securities activities may involve securities and/or instruments of the Issuer or Issuer’s
affiliates. Certain of the Joint Lead Managers and Structuring Advisors or their affiliates that have a lending
relationship with the Issuer routinely hedge their credit exposure to the Issuer consistent with their customary
risk management policies. Typically, such Joint Arrangers and Bookrunners and their affiliates would hedge
such exposure by entering into transactions which consist of either the purchase of credit default swaps or the
creation of short positions in securities, including potentially the A1 Bonds. Any such short positions could
adversely affect future trading prices of A1 Bonds. The Joint Arrangers and Bookrunners and their affiliates
may also make investment recommendations and/or publish or express independent research views in respect
of such securities or financial instruments and may hold, or recommend to clients that they acquire, long
and/or short positions in such securities and instruments.
The A1 Bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the
“Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United
States and the A1 Bonds may not be offered, sold or delivered within the United States or to, or for the
account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act (“Regulation S”)),
except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act and any other applicable securities laws. Each purchaser of the A1 Bonds will be deemed to
have made the representations described in “Subscription and Sale”.
In this Information Memorandum, unless otherwise specified, references to a “Member State” are references
to a Member State of the European Economic Area, references to “EUR” or “euro” or “€” are to the single
currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the
Treaty establishing the European Community, as amended.
FINANCIAL MODEL
The Issuer has prepared a financial model for the Project (the “Financial Model”). Summary information
derived from the results of the Financial Model which is set out in Appendix 2 of this Information
Memorandum (the “Financial Model Outputs”) does not constitute a projection or prediction. The Financial
Model only illustrates hypothetical results that are mathematically derived from specified assumptions and
shows cash flow available for debt service. Although the revenues, operating, maintenance and capital costs,
interests rates and taxes have been modelled in alignment with the Issuer’s most accurate expectation of the
Project’s performance as at the date of this Information Memorandum, it can be expected that these will
almost certainly differ from those assumed for the purposes of the Financial Model. Accordingly, actual
performance and cash flows for any future period will almost certainly differ from those shown by the results
of the Financial Model. A copy of the Financial Model will be made available to each A1 Bondholder upon its
written demand and the execution by any such A1 Bondholder of a non-disclosure undertaking to the Issuer.
(iii)
The inclusion of the Financial Model Outputs herein should not be regarded as a representation by the Issuer
or any other person that the results contained in the Financial Model will be achieved. In addition, the
Financial Model Outputs contained herein do not, and do not purport to, restate the Financial Model in its
entirety. Prospective investors in the A1 Bonds are cautioned not to place undue reliance on the Financial
Model Outputs or summary information derived therefrom and should make their own independent
assessment of the future results of operations, cash flows and financial condition.
The Financial Model Outputs were prepared by the Issuer. The Issuer confirms that the Financial Model
Outputs have been accurately reproduced and that, as far as the Issuer is aware and is able to ascertain from
the Financial Model, no facts have been omitted which would render the Financial Model Outputs, in the
context of the information contained in the Financial Model, inaccurate or misleading.
In making their investment decision, potential investors must be aware that reports have been obtained by the
Issuer (for itself and potential creditors) from relevant experts in relation to the Financial Model, traffic
projections, certain technical features of the Motorway (as defined herein), legal and insurance related issues.
These reports (together, the “Expert Reports”) by such experts (together, the “Report Providers”) were
prepared for the Issuer's confidential use, on the basis of contractual terms of reference agreed upon with the
Issuer to meet specific requirements and which may not be appropriate to meet the objectives of any potential
investor or any other third party. Therefore, the Expert Reports are not included in this Information
Memorandum (or in any appendix thereto) and will not otherwise be made available to prospective investors
or A1 Bondholders. However, upon written demand to the Issuer from a prospective investor or an A1
Bondholder and entry into any appropriate release or, as applicable, reliance letter, a copy of the relevant
Expert Report will be provided to such prospective investor or A1 Bondholder.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Information Memorandum, including any forecasts, projections,
descriptions or statements regarding the possible future results of operations, any statement preceded by,
followed by or including the words “believes”, “expects”, “plans” or “will” or similar expressions, and other
statements that are not historical facts, are or may constitute “forward-looking statements”. Since such
statements are inherently subject to risks and uncertainties, actual results may differ from those expressed or
implied by such forward-looking statements including, without limitation, any projections included as part of
the Financial Model Outputs prepared by the Issuer and set out in Appendix 2. Although the Issuer believes
that the projections contained in this Information Memorandum are reasonable as at the date of this
Information Memorandum, the Issuer cannot give any assurance that such projections will prove to have been
correct.
Important factors that could cause actual results to differ from such projections are disclosed in this
Information Memorandum, including, without limitation, those contained in the section entitled “Risk
Factors” and any such projection is qualified in its entirety accordingly.
Each investor in A1 Bonds will be deemed to have represented and agreed that it has read and understood the
description of the assumptions and uncertainties underlying the projections that are set forth in this
Information Memorandum and to have acknowledged that the Issuer is under no obligation to update the
information and do not intend to do so.
Save as expressly provided under the terms of the Transaction Documents, the Issuer does not undertake any
obligation to release publicly any revision to such forward-looking statements after the date of this
Information Memorandum to reflect later events or circumstances or to reflect the occurrence of unanticipated
events. These cautionary statements should be considered in connection with any written or oral forwardlooking statements that the Issuer may issue in the future.
All descriptions of documents referred to in this Information Memorandum are qualified in their entirety by
reference to the terms of the original documents.
PRESENTATION OF INFORMATION
The Issuer has obtained market and industry data and other statistical information used throughout this
Information Memorandum from its own research, surveys or studies conducted by third parties, independent
(iv)
industry or general publications and other published independent sources. Where information has been
sourced from a third party, such as industry publications and surveys that generally state that they have
obtained information from sources believed to be reliable, but do not guarantee the accuracy and completeness
of such information, the Issuer confirms that such information has been accurately reproduced and, as far as it
is aware and are able to ascertain from such information, no facts necessary for the review of such information
for the purpose for which it was included herein have been omitted which would render the reproduced
information inaccurate or misleading. While the Issuer believes that these industry publications and surveys
are reliable, the Issuer has not independently verified such data, and does not make any representations as to
the accuracy of such information. Similarly, the Issuer believes that their internal research is reliable, but it has
not been verified by any independent sources.
Certain figures included in this Information Memorandum have been subject to rounding adjustments.
Accordingly, figures shown as totals in certain tables may not be an exact arithmetic aggregation of the
numbers that precede them. Percentage figures included in this Information Memorandum have not in all
cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding.
For this reason, certain percentage amounts in this Information Memorandum may vary from those obtained
by performing the same calculations using the figures in the relevant financial statements. Certain other
amounts that appear in this Information Memorandum may not sum due to rounding.
Any information available on any website referred to in this Information Memorandum shall not form part of
this Information Memorandum.
DEFINED TERMS
All capitalised terms used in this Information Memorandum and not otherwise defined in this Information
Memorandum (including the Conditions) have the meanings assigned to them in the Master Definitions
Agreement. Certain of these terms are reproduced in the Glossary.
(v)
OVERVIEW OF THE PROJECT
General
Background
In April 1987, the Rouen-Alençon-Le Mans-Tours motorway link was officially registered in the National
Road Network Plan (Schéma Directeur Routier National). The registration of the Rouen-Alençon motorway
link was confirmed in April 1992.
The principal administrative permit, called Déclaration d’Utilité Publique (“DUP”), was issued pursuant
to a decree dated 20 July 1993, for the Tours- Alençon motorway link, followed by another decree in respect
of the Rouen-Alençon motorway link on 5 December 1994. The decision to extend the validity of the DUP
issued on 5 December 1994 was made on 3 December 1999 and resulted in the DUP being applicable until
6 December 2004.
Bouygues Travaux Publics, CDC Finance – CDC IXIS (formerly CDC Projects), DTP Terrassement, Egis
S.A. and Quille (together, the “Original Shareholders”) formed a consortium called Autoroute de Liaison
Seine-Sarthe (the “Alis Consortium”) for the purpose of submitting a bid subsequent to an invitation to tender
made on 19 March 1999 by the French Ministry of Public Works, Transport and Housing (Ministère de l’
Equipment, des Transports et du Logement (the “Grantor”)). The invitation to tender related to a concession
(the “Concession”) to design, build, finance, operate and maintain the Rouen-Alençon section of the
A28/E402 motorway (the “Motorway”) in Normandy, France (the “Project”).
The tender process was initiated by the Grantor pursuant to applicable laws and regulations in France and
the European Union. The Alis Consortium was declared preferred bidder in August 2000. Following the
selection of the Alis Consortium, a special purpose limited liability company (Société Autoroute de Liaison
Seine-Sarthe (“Alis”)) became the concessionaire company pursuant to the terms of a concession agreement
entered into with the Grantor in November 2001 (the “Concession Agreement”). The Concession Agreement
became effective on 2 December 2001 following publication of a decree approving the Concession Agreement
in the French Republic Official Bulletin (Journal Officiel de la République Française).
The current shareholders of Alis are Mirova Core Infrastructure Fund SCS SICAV-SIF (“MCIF”)
(26.00% of the share capital and voting rights), Diomedea Coöperatief U.A. (33.17%), a Dutch Cooperative
(coöperatie), represented by its sole member and managing director Stichting Depositary PGGM
Infrastructure Funds which is also the title holder of PGGM Infrastructure Fund 2014, PGGM
Vermogensbeheer B.V. (“PGGM”) acts in capacity as fund manager of PGGM Infrastructure Fund 2014,
Société des Autoroutes Paris-Normandie (“SAPN”) (8.00%), a subsidiary of Sanef (“Sanef”) (11.67%),
Aberdeen Infrastructure Partners LP Inc (“Aberdeen”) (13.16%), and Egis S.A. (“Egis”) (8.00%) (together,
the “Shareholders”). Bouygues, which was a shareholder of Alis, completed the sale of its stake in Alis’
capital together with related shareholder loans to DC on 15 June 2016.
The Concession
Pursuant to the Concession Agreement, Alis’ obligations are, among other things, to design, build,
finance, operate and maintain the Motorway during the concession period (which will expire on 31 December
2067) (the “Concession Period”). Alis will, at the end of the Concession Period, transfer the Project to the
Grantor for no cash consideration (other than de minimis compensation for unamortized investments included
in the final maintenance and renewal plan). During the Concession Period, Alis’ rights include, among other
things, the right to use all licenses and permits to build and operate the Motorway, and the right to collect tolls
from motorists.
For the purpose of enabling Alis to fulfil its obligations under the Concession Agreement, Alis has entered
into three principal contracts, being:
a. a turnkey, lump sum, design and construction contract (the “Construction Contract”) (see Description
of the Project Documents – Construction Contract below);
b. an operating and maintenance contract (the “O&M Contract”) (see Description of the Project
Documents – O&M Contract below); and
c. a heavy maintenance contract (the “Heavy Maintenance Contract”) (see Description of the Project
Documents – Heavy Maintenance Contract below).
1
Project Site and Road Description
The Motorway extends over 125 kilometres and completes the motorway link between the city of Alençon
and the Rouen area.
The Project extends mostly over flat, agricultural land. With the exception of the Le Bec and La Risle
river valleys, it does not cross any major rivers or wetland, or pass through any major valleys. Viaducts were
built in the case of each of these two valleys.
The Motorway is part of a motorway link between Calais (which is connected to the Northern Europe
motorway system and to the Eurotunnel) and Bayonne (which is connected to the Iberian Peninsula network),
by-passing the Paris region on the western side and is part of the European highway E402. The Motorway is
the final section of the major Rouen-Alençon-Le Mans-Tours motorway link which has been built under
several concessions.
2
The Motorway is a controlled-access, 2-lane dual carriageway with the exception of the sections where the
Motorway crosses the Le Bec and La Risle valleys where there is, in each case, a single lane dual carriageway
on a single viaduct. In each case (and in accordance with the terms of Concession Agreement), when the
volume of traffic increases to a predetermined level or, in the event exceptional accident levels are recorded,
the viaducts will be widened to provide 2-lane dual carriageways over the valleys. In order to provide for this,
it will be necessary to construct a second viaduct parallel to each original single viaduct.
The Project covers three Départements (Orne, Eure and Calvados). The three Départements belong to the
French Region Normandie. The Motorway passes through the city limits of Sées, Gacé, Brionne and Bernay,
each of which has a population of between 2,000 and 11,000 inhabitants.
Alençon, a city of 30,000 inhabitants, is the local capital of Orne Département. The greater Rouen area
has a population of 500,000 inhabitants and is the location of the fifth largest harbour in France by traffic
volume and the first harbour for cereals in Europe.
At its northern end, in Bourg Achard, the Motorway is connected to the A13 3-lane dual carriageway
motorway. The A13 Paris – Normandy coast motorway links Paris to the motorway network in northwest
France. Paris is 140 km away from Bourg Achard. The A13 connects with the A29 2-lane dual carriageway
which itself connects with the A16 2-lane dual carriageway between Abbeville and Boulogne. The Motorway
is, therefore, connected to important industrial centres and cities, namely Le Havre, Dunkirk, Calais (with
access to the Eurotunnel) and the Lille urban area which is adjacent to the Belgian border.
The Motorway is connected south to the Alençon-Le Mans-Tours section of the A28 motorway. The
Alençon-Le-Mans section is connected to the A11 and A81 2-lane dual carriageway toll motorways.
The Motorway is also directly connected to the A88 2-lane dual carriageway motorway which provides a
link to Caen through its Mortrée-Sées section which was completed in 2008.
The ex Route Nationale 138, now local road RD438 (“N138”) runs parallel to the route of the Motorway.
This 2-lane road passes through or, in some cases, around the six towns of Sées, Gacé, Broglie, Bernay,
Brionne and Bourgtheroulde. Its northern section includes numerous sharp turns and its southern section is, in
places between Alençon and Sées, a 2-lane dual carriageway road. Pursuant to the terms of the Concession
Agreement, the Grantor has committed not to upgrade the N138 except for quality and safety reasons, which
limited upgrades are not expected to increase the capacity of the road to carry increased traffic volumes.
Speed limits in France are 130 km/h on 2-lane dual carriageway motorways. The speed limit applicable on
the N138 is 90 km/h except in urban areas where it is 50 km/h and on the Alençon-Sées section where it is 110
km/h.
Construction history
Construction was successfully completed in October 2005 in line with initial schedule and on budget by a
construction joint-venture comprising Bouygues Travaux Publics, Quille and DTP (formerly known as DTP
Terrassement) (the “D&C JV” or “GIE A28”). Upon construction completion, Alis started toll operation in
October 2005.
After construction completion, settlement issues were identified for one of the piers of the Bec viaduct.
After a thorough monitoring, data shows that the movement has abated and that the settlement has stabilised.
Alis benefited from the D&C JV’s 10-year warranty which expired on 25 October 2015. Under such 10year construction warranty, Alis has benefited from works carried out to stop the leaking of drainage
attenuation ponds, and from stability works to repair the Gacé ramp slope after a landslide. Prior to the expiry
of such 10-year warranty, Alis has carried out an internal review with a view to identifying any latent defect
on the motorway. This resulted in additional limited rectifying works being performed under such warranty.
The initial pavement of the A28 was designed to accommodate anticipated ramp up traffic and required
overlays in the short term to accommodate long term traffic loadings. In July 2010, pavement “failure”
problems on the A28 were identified and discussions took place on whether the rectification of such defects
was falling within the scope of the 10-year warranty. In November 2012, proposals were presented comprising
a pavement repair and resurfacing strategy which would fully rectify the identified defects. Eventually, Alis
decided to enter into the Heavy Maintenance Agreement (See Summary of Principal Transaction Documents –
Project Documents – Heavy Maintenance Contract, below) in July 2013 with a joint venture (the “Heavy
Maintenance Operator”) between (a) the initial D&C JV including Bouygues Travaux Publics, Quille and
3
DTP, and (b) a temporary JV composed of Colas Grands Travaux and Le Foll Travaux Publics. The Heavy
Maintenance Agreement includes reciprocal concessions on the part of Alis and the D&C JV resulting in a
settlement of the potential dispute arising from the question of whether the rectification of such defects should
have been covered by the 10-year warranty. The Heavy Maintenance Operator is in charge of the first two
resurfacings (2013 – 2015 & 2021 – 2022). Due to the Heavy Maintenance Agreement, the quality of the
pavement is monitored and guaranteed by the Heavy Maintenance Operator up to 2028. First resurfacing
works have been successfully achieved in 2015.
Road widening through a second construction phase, consisting of an increase in the width of the highway
sections and an extension of a 2x1 lanes to 2x2 lanes on the two viaducts, is provided under the Concession
Agreement. Alis shall implement the second construction phase if, for each portion of the A28, the hourly
traffic of the 30th busiest hour in a year reaches 1,400 units of passenger cars per hour in the most crowded
direction. A security surveillance system shall be implemented on the two viaducts. In case of abnormal
frequency of accidents on the viaducts, Alis shall take all the necessary measures to restore a normal situation,
including as the case may be, implementing the second phase works on the viaducts earlier than initially
antcipated. The section between Alençon and Sées has already been built according to the requirements of
Phase 2 construction during the initial Phase 1 construction. Based on its current estimates, Alis expects the
start of second phase of construction shall not take place prior to the final maturity date of the Bonds.
Moreover, to date, the reported number of accidents is considered low generally on the Motorway and very
low on the two viaducts.
Operation and Maintenance of the Motorway
Alis entered into the O&M Contract with the O&M Operator (as defined below) on 28 June 2002 (which
will be the subject of a financial review for the first time in October 2020 and thereafter every 8/10 years) .
The O&M Contract is on substantially matching terms with the operation and routine maintenance related
obligations of Alis under the terms of the Concession Agreement. Pursuant to the O&M Contract, the O&M
Operator is responsible to Alis for the overall operation and routine maintenance of the Motorway, including
the operation and routine maintenance of the toll collection system and of the traffic management system.
Save for the works performed in the context of the first two resurfacings (2013 – 2015 & 2021 – 2022) which
have been subcontracted to the Heavy Maintenance Operator, Alis retains responsibility for any other heavy
maintenance works to be undertaken under the Concession Agreement. (See Description of the Project
Documents – O&M Contract below.)
The operator is a special purpose limited liability company (société par actions simplifiée) incorporated
under French law (the “O&M Operator”) established by Transroute International (a subsidiary of Egis S.A.)
and SAPN. Shares in the O&M Operator are, on the date of this Information Memorandum, held by
Transroute International (with a seventy per cent. – 70% - shareholding) and SAPN (with a thirty per cent. –
30% - shareholding).
On the date of this Information Memorandum, the A28 has been operated for more than 10 years, and no
penalties or other liquidated damages have been imposed by the Grantor upon Alis since the start of the
operation of the Motorway.
Traffic & Safety Management
The objective of traffic and safety management is to promote smooth and safe traffic flows along the
Motorway. The Motorway is controlled by the Motorway traffic management centre (“MTMC”), manned 24
hours a day by trained and experienced operators, with at least one operator on duty at all times.
The O&M Operator's organisation is based on the following level of services:
a) interruption of traffic only in the case of exceptional events and in accordance with emergency procedures
approved by the relevant French authorities;
b) operator personnel permanently on duty in the MTMC 24 hours a day, every day of the year; and
c) minimum delay for safety intervention between detection of incidents involving traffic and/or road safety
and arrival on site.
Maintenance
The objective of maintenance is to:
4
a) maintain the asset value of the Motorway and optimize the economic life of the Motorway, the equipment
and systems; and
b) provide maximum availability and safety on the Motorway.
The maintenance policy is supported by periodic inspections in order to monitor the performance of all
assets. The planned monitoring and control system is an integral part of the maintenance effort.
The maintenance activities fall into two main categories:
i.
routine maintenance which includes day-to-day care of all mechanical and electrical assets together with
roads and bridges (including, for example, signs, barriers and landscaping), which is carried out by the
O&M Operator; and
ii.
heavy repair works, replacement and refurbishment, which involves upgrading or replacing the
infrastructure (for example, pavement wearing courses) as well as electrical & electronic equipment (for
example, toll collection and traffic management equipment at the end of their life cycle), which works are
being carried out by Alis itself, except for heavy repair works in connection with the two resurfacings
which are described above under “Construction History” which are performed under the responsibility of
the Heavy Maintenance Operator.
Organisation of Toll System
The operation of the toll system which is implemented is a three tier system:
a) in toll lanes, the vehicle is identified when entering the motorway and is receiving a countermark (ticket
or through a tag). The toll transaction is registered in exit lanes, either manually or automatically;
b) a supervision process is implemented enabling real time supervision and management of all toll station
operations and equipment on all sites (including cash transfer); and
c) a central administration system is implemented at the operation and maintenance center for the purpose
of controlling and administering all toll revenues. Then the toll revenues are double-checked by the
Issuer.
Alis entered into a toll sharing collection agreement (the “Tripartite Toll Sharing Collection Agreement”)
with two other motorway concessionaires (namely ASF and Cofiroute) to organize the collection and the
sharing of the toll fees collected on the interconnected motorways network to which the Motorway belongs.
Alis also entered into a similar kind of agreement with motorway concessionaire Alicorne (the “Alicorne Toll
Sharing Collection Agreement”) except that Alicorne is not collecting tolls generated by the Concession
Agreement. Under the Alicorne Toll Sharing Collection Agreement, it is Alis which is responsible for
collecting part of the tolls due to Alicorne and receives payments from Alicorne for the services it provides.
Traffic and Revenue
Existing traffic
The A28 toll road concession extends over 125.4 km between Alençon and the A13 south of Rouen in
North West France. Toll charges are payable when using the road via 2 mainline toll plazas (Sées and
Roumois) and ramp plazas are located at each intermediary interchange (Gacé, Orbec, Bernay and Brionne).
Toll tariffs are charged for the French standard 5 vehicle categories according to vehicle type, length and
weight.
Annual Average Daily Traffic (“AADT”) volumes (weighted by distance) were 8,139 vehicles in 2015,
comprising 6,653 light vehicles (cars, light goods vehicles) and 1,486 Heavy Goods Vehicles (“HGV”).
Light vehicle traffic peaks between June and September each year when the road attracts high volumes of
domestic and international tourist traffic. HGV traffic volumes are stable throughout the year with lower
volumes recorded in August during the summer holiday period.
The 3 most significant revenue-generating movements are between:



Alençon and A13 Rouen
Alençon and Sées
Alençon and Bernay
60%
10%
9%
5
HGV traffic forms 18% of the total traffic volumes carried by the road but contributes 39% of the toll
revenue due to the higher toll tariffs charged to these vehicles and the longer average distance travelled on the
road. Roadside Interview surveys undertaken for Alis in 2011 observed that car traffic comprised: 45% local
Normandy traffic, 45% national traffic and 10% international traffic. HGV traffic comprised 15% local, 45%
national traffic and 45% international traffic. A more recent 10-day survey of the registration plates of HGV
traffic in June 2015 produced an updated breakdown of 11% local, 43% national and 46% international traffic.
ALIS has three sources of information describing the proportion of UK-registered vehicles using the A28:
the 2011 registration plate surveys (Tuesday 12th April) undertaken for light vehicles and HGVs at Le
Roumois plaza; the 2015 registration plate surveys of HGV traffic undertaken at Le Roumois plaza; and,
annual transactions undertaken by UK credit cards during the year April 2015 to March 2016 for all plazas.
Additional analysis has been undertaken using the Eurostat data (2011) describing the volumes of freight
tonnes transported by HGV between the UK and France/Spain/Portugal.
The 2011 registration plate survey identified 8% of light vehicles and 2% of HGVs at the le Roumois
plaza were UK-registered. Using the Eurostat data, it is estimated that the total HGV traffic using the A28
which has an origin or destination in the UK (not only UK-registered HGV traffic) is approximately 6%.
Based on this information, it is estimated that a maximum of 7% of total revenues are derived from vehicles
with an origin or destination in the UK.
The RD438 (ex RN138) runs broadly parallel to the A28 servicing the towns along the corridor including
Sées, Gacé, Orbec and Bernay. The A28 offers a time saving of 40 minutes for light vehicles travelling its
length, reducing travel times from 1h45 to 1h05. HGVs are not permitted to use the RD438 through the town
of Gacé. An alternative route for transit traffic is via the N12/A154/N154 (Nonancourt) which takes 50
minutes longer than the route via the A28. The A84 ‘Route des Estuaires’ provides an alternative route for
very long-distance trips between South West France and Northern France. The A28 route is approximately
1h25 faster and 100km shorter than route via the A84.
Historic Traffic and Revenue Performance
Over 10 years of traffic data are available to describe the past performance and inform the future
forecasting of traffic volumes carried by the concession. Annual growth with respect to light vehicles (toll
classes 1, 2 and 5) and HGV (toll classes 3 and 4) is set out below.
Year Ending
2007
2008
2009
2010
2011
2012
2013
2014
2015
CAGR 2006-2015
Source: ALIS traffic data
Light Vehicles
10.7%
4.9%
5.4%
4.8%
1.8%
-2.5%
-0.7%
1.7%
4.4%
3.3%
HGV
35.9%
7.3%
-14.2%
12.0%
-1.3%
-6.1%
-2.9%
4.6%
5.5%
3.7%
Total Vehicles
15.2%
5.4%
1.2%
6.1%
1.2%
-3.2%
-1.1%
2.2%
4.5%
3.4%
CAGR = Compound Annual Growth Rate
Traffic growth observed on the A28 concession has been characterised by:





High ramp-up growth during 2007 and 2008;
Reduced growth between 2008 and 2009 due to economic downturn;
High traffic growth in 2010 linked to the opening of A88 Sées to Falaise and partial recovery of the
French economy;
Declines in 2012 and 2013 due to economic stagnation and high fuel prices; and
Recovery in 2014 and 2015 due to lower fuel (petrol and diesel) prices and economic recovery of
France and neighbouring economies.
6
Since opening, the A28 concession has displayed total traffic growth of 3.4% (compound annual growth
rate (“CAGR”)). This traffic growth has been achieved despite real toll tariff increases applied to maximise
toll revenue outturn.
During the first six months of 2016, total light vehicle traffic has increased by 5.4% and HGV traffic has
increased by 8.2% compared to the first six months of 2015. Total traffic growth over the equivalent time
period has been 6.0%.
Traffic Forecast Methodology
The concession is well-established with an excellent traffic database including all trips by toll class that
have used the road since opening. The observed A28 traffic data by origin-destination movement in 2015
forms the basis of the traffic model. Future traffic growth on the A28 has been based on the historic
relationship between traffic, GDP/Industrial Production Index (“IPI”) growth, real toll tariffs and changes in
fuel prices. Strong relationships between light vehicle traffic growth on the A28 and GDP and between HGV
traffic growth on the A28 and IPI for France have been detected as set out below:
GDP and Light Vehicles quarterly year-on-year growth
IPI and Heavy Good Vehicles monthly year-on-year growth
7
The key forecasting parameters underlying the Alis May 2016 Case traffic and revenue forecasts are set
out below:
Forecast Paramenter
Economic Growth
Alis May 2016 Case
French GDP/IPI growth:
2016 & 2017 1.41% and 1.63% per annum respectively (average IMF
(January 2016), E&Y (October 2015), OECD (March 2016) & European
Commission (February 2016))
2018 1.5% per annum (E&Y)
2019 1.6% per annum (E&Y)
>2020 1.5% per annum
French GDP is considered to equal French IPI
GDP to Traffic Growth Based on regression analysis of GDP and A28 traffic data 2011 to 2014:
Multiplier
Light Vehicles
HGVs
2016-2020
1.26
1.33
2021-2025
0.90
1.00
2026-2030
0.85
0.95
2031-2035
0.75
0.85
2036-2044
0.70
0.80
Elasticity of traffic growth to Based on regression analysis of fuel prices and A28 traffic data 2011 to 2014:
fuel prices
Light Vehicles
HGVs
-0.10
-0.05
Elasticity of traffic to real
Light Vehicles
HGVs
toll tariff increase
-0.40
-0.20
Value of Time growth
70% GDP per capita growth based on French State guidance
Traffic growth per annum
Light Vehicles
HGVs
2016-2020
1.2%
1.7%
2021-2030
1.0%
1.4%
2031-2040
1.1%
1.3%
2041-2050
1.4%*
1.4%*
2050-2067
0.8%
0.8%
Toll Tariffs
Assumed to increase annually with CPI +2.5% until 2020, CPI +1% until
2039 and CPI growth thereafter
*real tariff increase stops in 2039 resulting in increased traffic growth compared to earlier years
The Concession Agreement defines the toll indexation formulae based on the average toll tariff per
kilometre. Alis is permitted to apply differential tariff increases, providing that the average toll tariff per
kilometre is respected and the applied tariff per kilometre does not vary by more than 50% for the same toll
class across all trip movements compared to the applied average tariff per kilometre.
In terms of future road network improvements, DREAL (directions régionales de l'environnement, de
l'aménagement et du logement) Centre and DREAL Normandie have identified 2 schemes:


RN154/RN12 concession between Nonancourt and A10 including the dualling of existing road and
bypasses at Chartres and Dreux. The concession is not expected to significantly impact upon A28
traffic taking around 1 hour longer for long distance trips between South West France travelling to
northern France (with a toll also payable); and
RN12 improvement of 14km between Mortagne-au-Perche and Saint-Maurice-les-Charencey. The
improvement is considered unlikely to impact upon the A28 traffic.
8
Alis May 2016 Case Traffic and Revenue Forecasts
In the opinion of Alis, the Alis May 2016 Case represents the base case outcome of future traffic
performance. Traffic and revenue forecasts are presented for the Alis May 2016 Case are set out below:
Year
2016
2017
2018
2019
2020
2030
2040
2050
2060
2067
CAGR
Annual Average Daily Traffic
LV
HGV
Total
Vehicles
6,701
1,501
8,203
6,805
1,531
8,336
6,881
1,557
8,437
6,959
1,584
8,543
7,025
1,609
8,635
7,769
1,844
9,613
8,632
2,092
10,724
9,887
2,397
12,284
10,884
2,639
13,522
11,388
2,761
14,149
1.0%
1.2%
1.1%
Annual Revenue (€m 2016 prices excl. VAT)
LV
HGV
Total
Vehicles
43.97
27.71
71.68
45.77
28.96
74.73
47.43
30.18
77.61
49.17
31.48
80.65
50.89
32.78
83.66
62.16
41.48
103.64
75.53
51.33
126.87
86.52
58.81
145.32
95.24
64.74
159.97
99.65
67.74
167.40
1.6%
1.8%
1.7%
Total traffic is forecast to increase by an average of 1.1% per annum between 2016 and 2067. Due to the
real toll tariff increases permitted under the Concession Agreement, toll revenues are predicted to increase at a
higher rate than traffic, on average by 1.7% per annum over the concession.
Alis May 2016 Low Case Traffic and Revenue Forecasts
An alternative, conservative set of traffic and revenue forecasts have been based on more conservative
assumptions regarding GDP/IPI growth, elasticity of traffic to real tariff increases and growth in the value of
time. Forecasting assumptions that are different to the Alis May 2016 Case are set out below:
Forecast Paramenter
Economic Growth
Alis May 2016 Low Case
French GDP growth:
2016 1.19%
2017 0.97%
2018 1.27%
2019 1.33%
>2020 1.25% per annum
GDP to Traffic Growth
Light Vehicles
HGVs
Multiplier
2016-2020
1.10
1.20
2021-2044
0.75
0.85
Elasticity of traffic to real
Light Vehicles
HGVs
toll tariff increase
-0.50
-0.30
Value of Time growth
50% GDP per capita growth
Traffic growth per annum
Light Vehicles
HGVs
2016-2020
-0.3%
0.6%
2021-2030
0.5%
0.9%
2031-2040
0.7%
1.0%
2041-2050
1.3%*
1.3*
2050-2067
0.7%
0.7%
*real tariff increase stops in 2039 resulting in increased traffic growth compared to earlier years
9
The resulting Alis May 2016 Low Case traffic and revenue forecasts are set out below:
Year
2016
2017
2018
2019
2020
2030
2040
2050
2060
2067
CAGR
LV
HGV
Total Vehicles
6,670
1,495
8,165
6,636
1,501
8,137
6,618
1,511
8,128
6,605
1,521
8,127
6,581
1,531
8,112
6,882
1,666
8,549
7,395
1,843
9,237
8,391
2,090
10,481
9,146
2,278
11,423
9,504
2,367
11,871
0.7%
0.9%
0.7%
LV
HGV
Total Vehicles
43.76
27.59
71.36
45.20
28.68
73.87
46.72
29.89
76.61
48.21
31.14
79.35
49.70
32.40
82.10
57.41
38.96
96.38
67.55
46.62
114.17
76.56
52.84
129.39
83.44
57.59
141.03
86.71
59.84
146.55
1.3%
1.5%
1.4%
Total traffic is forecast to increase by an average of 0.7% per annum and revenues by an average of 1.4%
per annum between 2016 and 2067. Cumulative revenues for the concession are 9% lower than predicted
under the Alis May 2016 Case revenue forecasts.
Alis May 2016 Sensitivity Tests Traffic and Revenue Forecasts
The following sensitivity tests were undertaken on the Alis May 2016 forecasts:



0% GDP/IPI growth from 2016 to 2067;
Reduction of total traffic by 20%; and
Reduction of light vehicle summer transit traffic in July by 20% and in August by 30%.
In addition, the traffic volumes required to generate the breakeven revenues were calculated assuming the Alis
May 2016 toll tariffs.
A comparison of the sensitivity test traffic forecasts for selected years is provided below.
Year
0% GDP/IPI
2016
2017
2018
2019
2020
2030
2040
2050
2060
2067
CAGR
8,028
7,959
7,874
7,780
7,686
7,213
6,938
6,938
6,938
6,938
-0.3%
Reduction of
July transit -20% &
traffic by -20%
Aug transit -30%
6,562
7,850
6,669
7,978
6,750
8,075
6,834
8,177
6,908
8,265
7,690
9,204
8,579
10,270
9,827
11,764
10,818
12,949
11,320
13,550
1.1%
1.1%
Breakeven
traffic
6,341
6,444
6,522
6,604
6,675
7,431
8,290
9,496
10,453
10,938
1.1%
A comparison of the sensitivity test revenue forecasts for selected years is provided below.
10
Year
0% GDP/IPI
2016
2017
2018
2019
2020
2030
2040
2050
2060
2067
CAGR
70.17
71.38
72.48
73.52
74.56
77.97
82.39
82.39
82.39
82.39
0.3%
Reduction of
July transit -20% & Breakeven
traffic by -20%
Aug transit -30%
traffic
57.34
69.24
55.41
59.78
72.19
57.76
62.09
74.99
59.99
64.52
77.93
62.34
66.93
80.85
64.67
82.92
100.20
80.12
101.49
122.68
98.07
116.26
140.53
112.34
127.98
154.70
123.66
133.92
161.88
129.40
1.7%
1.7%
1.7%
Assuming 0% GDP/IPI growth between 2016 and 2067 results in a long term reduction of traffic due to
the impact of real tariff increases until 2039 (assumed last year of real tariff increase). As a result of the real
tariff increases, revenue increases until 2039 but remains static thereafter. The impact of reducing total traffic
levels by 20% results in the traffic and revenue forecasts lying 20% below the Alis May 2016 forecasts. If
summer (July and August) light vehicle transit traffic reduces by 20% in July and 30% in August, AADT
would decline by -4.3% and annual revenues would decline by -3.0%. Finally, annual traffic volumes would
have to be 23% lower than the Alis May 2016 forecasts to reach their breakeven levels.
Traffic Auditors Forecasts
A traffic and revenue due diligence report from an independent consultant is available subject to signature
of a release or, as applicable, reliance letter.
Alis CPI Assumptions
Revenues and some costs of Alis have been forecasted taking into account assumptions of the growth in the
French Consumer Price Index (the “Alis CPI Assumptions”). Alis CPI Assumptions are detailed in the Alis
May 2016 Case in Appendix 2.
11
TRANSACTION OVERVIEW
The following overview does not purport to be complete and is taken from, and qualified in its entirety by, the
remainder of the Information Memorandum and the terms and conditions of the A1 Bonds set out in the
section entitled “Terms and Conditions of the A1 Bonds” (the “Terms and Conditions” of the “Conditions”).
Transaction Structure Diagram1
The following diagram sets out the overview of the financial structure post refinancing.
The Transaction
The Initial Financing
The Issuer’s shareholder group includes financial sponsors alongside industrial companies. The Issuer is a
single asset company that operates the 125 km, 2x2 lane tolled motorway between Rouen and Alençon (the
A28 motorway) under a 62 year operation concession contract maturing in December 2067 granted by the
French State in 2001. Upon completion of the construction in October 2005, Alis started toll operation. This
infrastructure has been initially financed through:
(a) junior funding of the Issuer including shareholder loans and two tranches of debt financing granted by
SAPN (respectively, the “SAPN Tranche 1 Debt” and “SAPN Tranche 2 Debt” and, together with the
shareholder loans, the “Junior Funds”); and
(b) the issuance by the Issuer to a Jersey-based special purpose vehicle denominated Alis Finance a.r.l. (“Alis
Finance”) of privately placed:
1
The following structure diagram does not purport to be complete and is taken from, and is qualified in its entirety by, the remainder
of this Information Memorandum. Words and expressions defined elsewhere in this Information Memorandum shall have the same
meanings in this structure diagram.
12
(i)
inflation-linked bonds as follows: €80,500,000 Class A1 Bonds due 2017, €180,000,000 Class
A2 Bonds due 2027 and €200,000,000 Class A3 Bonds due 2032 (together, the “Existing A
Bonds”) and
(ii)
mezzanine debt (the “Existing B Bonds” and, together with the Existing A Bonds, the “Existing
Financing”).
(c) The repackaging by Alis Finance of the Existing A Bonds and the Existing B Bonds through the issuance
of a debt capital markets financing through the issuance of:
(iii)
senior monoline-wrapped inflation-linked project bonds as follows: €80,500,000 Class A1
Guaranteed Index-Linked Notes due 2017, €180,000,000 Guaranteed Index-Linked Notes due
2027 and €200,000,000 Class A3 Guaranteed Index-Linked Notes due 2032 as described in an
offering circular dated 25 July 2002 (together, the “Alis Finance Existing A Notes”) and
(iv)
floating rate mezzanine debt (the “Alis Finance Existing B Notes”) hedged by Alis Finance
through subordinated interest rate swaps (the “Alis Finance Existing B Notes IRS” and, together
with the Alis Finance Existing A Notes and the Alis Finance Existing B Notes, the “Alis Finance
Existing Financing”).
The New Financing
The unwind by Alis of its Existing Financing and its replacement by a long-term financing solution is aimed at
adapting its senior debt profile to the long-term nature of the concession. In this context, the Issuer will issue
€857,500,000 2.485 per cent. Senior Secured Amortising A1 Bonds due 2046 (the “A1 Bonds”) to be listed
on Alternext and described in this Information Memorandum and in particular in the Conditions and
€42,500,000 unlisted Senior Secured Inflation-Linked A2 Bonds due 2032 (the “A2 Bonds” and together with
the A1 Bonds, the “A Bonds”).
The repurchase of the Alis Finance Existing A Notes will be made by Alis Finance, as offeror (the “Offeror”),
through propositions to invite holders of the Alis Finance Existing A Notes to tender their Alis Finance
Existing A Notes for purchase by the Offeror for cash (the “Tender Offer”) on the terms and subject to the
conditions contained in a tender offer memorandum. By submitting an Alis Finance Existing A Note, a holder
will be deemed to vote in favour of a resolution which aims to incorporate a call in the terms and conditions of
the Alis Finance Existing A Notes. The acceptance for purchase by the Offeror of Alis Finance Existing A
Notes validly tendered in the Tender Offer is, among other things, conditional, on or before the date hereof, on
the passing of the resolution and the pricing of the A Bonds.
The repurchase by Alis Finance of Alis Finance Existing A Notes, and the redemption of all of the remaining
Alis Finance Existing A Notes, will be financed by the intermediated repurchase from the Offeror of the
Existing A Bonds. Further to such purchase of the Existing A Bonds, the intermediary will exchange such
Existing A Bonds against part of the A1 Bonds and a cash payment as contemplated by the exchange
settlement agreement entered into between the Issuer and the intermediary on 6 July 2016 which sets out the
terms of the exchange of the Existing A Bonds then held by the intermediary for (i) part of the A1 Bonds
issued by the Issuer and (ii) a cash payment by the Issuer to the intermediary as calculated pursuant to such
agreement (the “Exchange Settlement Agreement”).
Following such Tender Offer, any surplus (if any), shall be allocated to discharge the items in the order of
priority described in the section “Use of Proceeds” of this Information Memorandum.
Subject to such Use of Proceeds and to the repurchase and/or redemption of the class A notes by Alis Finance,
it is contemplated that Alis Finance shall voluntarily redeem all Alis Finance Existing B Notes and
simultaneously sell the Existing B Bonds issued by Alis to the holders of Alis Finance Existing B Notes under
a private agreement so that all Alis Finance Existing A Notes and all Alis Finance Existing B Notes will be
redeemed and/or cancelled on or about the same date. The redemption amount due by Alis Finance to the
holders of the Alis Finance Existing B Notes in respect of the redemption of the Alis Finance Existing B
Notes shall be paid by way of set-off against the purchase price due by the Alis Finance Existing B Notes
noteholders to Alis Finance in respect of the sale to them of the Existing B Bonds.
13
It is then intended that the Existing B Bonds be redeemed by the Issuer through the proceeds arising from the
issuance of the A Bonds (see above) as described in the section “Use of Proceeds” of this Information
Memorandum.
For the purpose of this Information Memorandum, the aforementioned description shall be referred to as the
“Transaction”.
14
RISK FACTORS
The Issuer believes that the following factors may affect its ability to fulfil its obligations under the A1 Bonds.
All of these factors are contingencies which may or may not occur and the Issuer is not in a position to
express a view on the likelihood of any such contingency occurring.
In addition, factors which are material for the purpose of assessing the market risks associated with the A1
Bonds are listed below.
The Issuer believes that the factors described below represent the principal risks inherent in investing in the
A1 Bonds, but the inability of the Issuer to pay interest, principal or other amounts on or in connection with
the A1 Bonds may occur for other reasons which may not be considered significant risks by the Issuer based
on information currently available to it or which it may not currently be able to anticipate. Prospective
investors should also read the detailed information set out elsewhere in this Information Memorandum and
reach their own views prior to making any investment decision.
Capitalised terms used but not otherwise defined herein shall have the meaning ascribed to them in the
Master Definitions Agreement.
RISK FACTORS RELATING TO THE ISSUER AND THE PROJECT
Special Purpose Vehicle Issuer
The Issuer is a special purpose company which has no business operations other than those in relation to the
operation and maintenance of the Project pursuant to the concession granted to it by the Grantor through the
Concession Agreement.
All (or substantially all of) the Issuer’s revenues will be generated by the operation of the Project and, except
for credit balances from time to time standing to the credit of the Issuer Cash Accounts, the Issuer will have
no other financial resources to meet its obligations under the Bonds.
The ability of the Issuer to service the Bonds is therefore exclusively dependent upon the performance of the
Project, and there is no assurance that the Project will generate revenues which will be sufficient to discharge
all of the financial liabilities of the Issuer under the Bonds.
Termination and Reversion of Concession
All (or substantially all of) the revenues of the Issuer are generated from the operation of the concession
granted to it by the Grantor through the Concession Agreement. Therefore, upon termination of the
Concession Agreement, whether at expiry of the concession term or following an early termination or a buyback of the Concession Agreement, the major part of the assets operated by the Issuer will revert to the French
State and the Issuer will, subject to any termination compensation to which the Issuer is entitled as a result of
the termination or a buy-back, cease to generate financial resources to meet its obligations under the A Bonds.
In case of the expiry of the Concession Agreement at its term, the Grantor will automatically be subrogated in
the rights of the Issuer to operate the Motorway without payment of any compensation (other than de minimis
compensation for unamortized investments included in the final maintenance and renewal plan). The
Concessionaire will be under the obligation to hand back the compulsory reversion assets (biens de retour)
and the optional reversion assets (biens de reprise) in a normal state of maintenance at the end of the
Concession, whether at it stated maturity or in case of a buy-back of the Concession by the Grantor. In either
case, such hand back obligations will have to be guaranteed by first demand guarantees in favor of the
Grantor. Should the Concessionaire fail to hand back the relevant assets in a normal state of maintenance, the
Grantor would be able to draw under the relevant first demand guarantee which would have the effect of
increasing the monetary liabilities of the Issuer which are immediately due and payable, and therefore
reducing the amounts which would be available to prepay the Bonds upon termination of the Concession.
If the Concession Agreement is subject to an early termination or a buy-back, the Issuer would be entitled to a
termination compensation the value of which would depend upon the reason for such termination. For more
detailed information on the value of the relevant termination compensation, please refer to section
“Description of the Project Documents – Concession Agreement”.
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Save in the case the Concession Agreement is terminated on general interest grounds, it is uncertain that in
case of an early termination of the Concession Agreement, which may lead to an early redemption of the A1
and A2 Bonds, the gross termination compensation due to the Issuer by the Grantor will be sufficient to
redeem in full the Principal Amount Outstanding of the A Bonds together with interest accrued thereon. Upon
termination of the Concession Agreement, whether at the expiry of its term or an early termination and
whatever the grounds for termination, the Grantor may claim from the Issuer the payment of all sums which
are due to the Grantor under the Concession Agreement, including as a result of the Issuer failing to maintain
the concession assets to be reverted to the Grantor in good condition on termination. Such amounts, which are
not always capped, may be deducted by the Grantor from the termination compensation which is owed by the
Grantor to the Issuer pursuant to the Concession Agreement, the termination agreement entered into between
the Grantor, four French local authorities (collectivités territoriales) and the Issuer on 12 November 2001, the
general principles of French administrative law, or more generally any applicable law or regulation.
In particular, if the ground for the early termination of the Concession Agreement is attributable to breach (or
repeated breaches) of the Concession Agreement by the Issuer, it is likely that the net termination
compensation received by the Issuer following the application of the relevant deduction will be substantially
lower than the minimum termination compensation contemplated by the Concession Agreement.
Therefore, any such deduction could materially and adversely impact the ability of the Issuer to discharge all
amounts it will owe under the Bonds further to the termination of the Concession Agreement.
While the indemnity to which the Issuer would be entitled upon termination of the Concession Agreement for
general interest grounds should, pursuant to applicable case law, cover the actual costs incurred by the Issuer
as a result of the termination and the loss of profits, it is uncertain that the Grantor, in the absence of case law
confirmation, will be required to indemnify the Issuer in an amount corresponding to the make-whole
liabilities of the Issuer (corresponding to the difference (if any) between the Redemption Amount and the
Principal Amounts Outstanding of the A Bonds).
If the Concession Agreement is terminated as a result of a continued state of force majeure which makes
performance of the Concession Agreement impossible or where an unforeseeable event results in an
irremediable upheaval of the financial balance of the Concession Agreement (the latter being referred to as
“administrative force majeure”), the termination compensation should, based on limited and non-binding
precedent case law, cover the net accounting value of the returnable assets within the limit of the expenses
considered as "useful" for the Grantor. Because the notion of "useful" expenses is an imprecise concept and
that French administrative case law does not establish precisely the consequences of such termination cases,
there is a risk that in case the assets are partially or entirely damaged and such damage gives rise to a
termination for force majeure, the termination compensation could be low or even null.
Limitations on Creditors’ Step-in Rights
It is unlikely, due to mandatory provisions of French law, that the holders of A Bonds will be able to exercise
their right to step-in and replace the Issuer under the Concession Agreement to avoid its termination by reason
of a breach (or repeated breaches) by the Issuer of its obligations under the Concession Agreement, in
particular if the Issuer becomes subject to an insolvency or a safeguard proceeding. For more details on any
such proceeding, please refer to “Risks relating to the A Bonds – French Insolvency Law” below.
Change in law
The Issuer is entitled to compensation for substantial changes arising from changes in law (including with
respect to tax law) in very limited circumstances only and subject to the satisfaction of certain conditions, and
no assurance can be given that there will not be any change to laws, regulations, any other mandatory texts or
administrative practices impacting the operation of the Concession after the Issue Date. Unless compensated
by the Grantor in accordance with the Concession Agreement, such changes will likely generate substantial
incremental costs for the Issuer and may therefore significantly and adversely impact the ability of the Issuer
to meet its payment obligations under the Bonds. In addition, if the Issuer is not compensated by the Grantor
through cash payments but through other measures to be taken by the Grantor (such as the extension of the
Concession Agreement), such changes may also have an adverse impact on the ability of the Issuer to meet its
payment obligations under the Bonds.
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Force Majeure and “Imprévision” Events
The operation of the Motorway and the ability of the Issuer to perform its obligations under the Concession
Agreement may suffer business interruption or disruption from a number of events out of the Issuer’s control
including force majeure events. Any interruptions or disruptions in the services that the Issuer provides under
the Concession Agreement could have an adverse impact on the business, financial condition and results of
operations of the Issuer.
The Concession Agreement does not specifically include provisions relating to the consequences, including
the financial consequences for the Issuer, of the occurrence of any of such events. If any such event were to
occur, rendering the Issuer unable to perform its obligations or, making the performance of those obligations
more onerous, it would need to seek to rely on the general principles of force majeure and imprévision,
respectively, of French administrative law in order to seek relief and/or compensation.
Force majeure events are defined as events out of the parties' control that are unforeseeable (imprévisible) and
unfailingly result in the impossibility to perform the Concession Agreement (irrésistible). The Issuer will not
be liable under the Concession Agreement for not having fulfilled any obligation under the Concession
Agreement in case of a force majeure event. The Issuer would nonetheless lose revenues and should make its
best efforts to mitigate the adverse effects of such force majeure event and might therefore assume additional
costs. The Issuer is not, as a matter of principle, entitled to compensation for the increase in its costs (except if
the force majeure event substantially alters the implementation of the Concession Agreement and, as such,
may be classified as an unforeseen event – événement d’imprévision) and the decrease in its revenues.
Although the Issuer has insurance policies in place designed to cover certain events of force majeure, there
can be no assurances that such insurance policies will cover the losses sustained by the Issuer as a result of all
circumstances which would qualify as force majeure. Furthermore, even if the type of force majeure event is
one contemplated by the relevant insurance policies, there can be no assurance that such policies will be
sufficient to cover the actual losses sustained by the Issuer or any corresponding damage to the Motorway.
The occurrence of a force majeure event could therefore materially and adversely affect the ability of the
Issuer to meet its payment obligations under the Bonds.
In addition to force majeure events, unforeseeable events that are out of the parties' control and that
significantly affect the financial balance of the Concession Agreement, without making the performance of the
Concession Agreement impossible, would constitute "unforeseeable events" (imprévision). The occurrence of
any such event will not relieve the Issuer from its obligations under the Concession Agreement and although
the Issuer would be entitled to compensation and/or adjustments, such compensation/adjustments would be
strictly limited to those which are necessary to restore the economic and financial balance of the Concession
Agreement (which test will be met even if part only of the losses suffered by the Issuer are indemnified or
compensated). It is therefore unlikely that the Issuer will be indemnified for the whole loss suffered during the
period in which the unforeseen event was outstanding and the occurrence of an unforeseeable event may, as a
result, materially and adversely impact the ability of the Issuer to meet its payment obligations under the
Bonds.
A continued state of force majeure making performance of the Concession Agreement impossible or an
unforeseeable event resulting in an irremediable upheaval of the financial balance of the Concession
Agreement (the latter being referred to as “administrative force majeure”) may result in an early termination
of the Concession Agreement (See “Risk Factors relating to the Issuer and the Project – Termination and
Reversion of Concession” above).
Revenue Risk
The Issuer’s results of operations are quasi-entirely dependent on the toll revenues earned through the
operation of the Motorway. The Issuer’s business is dependent upon, among other things, the number of
motorists using the Motorway and the different tariffs and tariff categories which are applicable. Traffic
volumes and thus toll revenues can be affected, directly, by a number of factors, including the quality and
proximity of, and travel time on, alternative roads, and alternative modes of transport (e.g. railways and
airways), the quality of the design, construction, operation and maintenance of the Motorway, economic
conditions in or affecting France, fuel prices, tolls tariffs (whose rate of increase would be adversely impacted
by a reduction of the inflation rate), potential challenges from toll users against the applicable toll grids,
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environmental regulations, force majeure events, natural disasters and access by motorists to other means of
transportation, including any alternate forms of mass transportation that already exists or may be built.
It can also be expected that the actual traffic and revenues to be generated by the Concession will almost
certainly differ from the historic traffic and revenue performance, and the traffic and revenue as forecasted by
the Issuer on the basis of the Alis May 2016 Case, which are described in the section “Overview of the
Project”.
Although the Issuer will maintain a certain level of insurance against certain business interruption risks, any
event or circumstances resulting in a prolonged reduction in traffic volume and toll revenues collected from
the Motorway is likely to have a significant impact on the Issuer’s results of operations.
Consequences of a breach by the Issuer of the Concession Agreement is also likely to materially impair the
Issuer's financial position since it could notably trigger the payment by the Issuer of penalties to the Grantor,
or the assumption by the Issuer of additional costs arising from the exercise by the Grantor of its right to
perform (or procure the performance by a third party) on a temporary basis the obligations of the Issuer at the
costs and risks of the latter to ensure the continuity of the public service (mise en régie).
Furthermore, a serious or continued breach by the Issuer of its obligations under the Concession Agreement
may result in an early termination (résiliation) of the Concession Agreement by the Grantor, it being specified
that the Grantor must apply to the administrative court in order to declare the early termination (résiliation) of
the Concession Agreement. See “Risk Factors relating to the Issuer and the Project – Termination and
Reversion of Concession” above.
Any of the events mentioned above may generate incremental costs or loss of revenues that were not
anticipated by the Issuer, therefore adversely impacting the ability of the Issuer to meet all its payment
obligations under the Bonds.
The Issuer is also exposed to the risk that the implementation of the Tripartite Toll Collection Sharing
Agreement in that it could give rise to disputes as to the allocation as between the Issuer and the other
concessionaires (ASF and Cofiroute) of the tolls collected as well as the risk of the insolvency of any such
other Concessionaire.
The Issuer remains exposed to construction risk
Although phase one of the works has been completed and the works of phase two relating to the section
between Alençon and Sées have also been completed during phase one (see section “Description of the
Project Documents – Concession Agreement”) the Issuer bears the remaining construction risk with respect to
such works in that should a defect of the Motorway resulting from the works so carried out arise, the Issuer
will have to remedy such defect without having recourse against any of its sub-contractors or under any
outstanding warranty. The occurrence of any such risk would generate incremental costs not contemplated by
the Issuer and such costs could significantly and adversely impact the ability of the Issuer to meet all its
In the event that second construction phase works were to begin during the life of the Bonds, the Issuer would
also bear all the construction risks regarding those works, including that of obtaining the required
administrative permits (including environmental permits), whether or not all or part of the works for such
second construction phase is sub-contracted. The Issuer may as a result incur cost overrun which could
significantly and adversely impact its ability to meet all its payment obligations under the Bonds.
The Issuer is exposed to operating risks
In the context of its activity as operator of toll motorways, the Issuer, like all motorway operators, may be
subject to exceptional events including natural disasters (such as landslides or earthquakes) and climatic
conditions (such as snow, freezing rain or floods), multiple-vehicle accidents, criminal acts or other external
factors (such as requisitions by the government, road haulage or employees strikes, demonstrations at toll
collection points or computer viruses). Each of these events or incidents could result in the temporary
disruption of traffic, loss of a critical item of equipment, part of the Motorway ceasing to be operational or
liability claims being made against the Issuer, all leading to a temporary decrease in toll revenues or
generating significant additional costs required to maintain or to restore the Motorway to working order.
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The Issuer is exposed to road widening risk
As part of the second phase of the works, the Issuer may also be required, pursuant to the terms of the
Concession Agreement, to carry out road widening works, consisting of an increase in the width of the
highway sections and an extension of a 2x1 lanes to 2x2 lanes on the two viaducts. Such obligation would be
triggered if, for each portion of the A28, the hourly traffic of the 30th busiest hour in a year reaches 1,400 units
of passenger cars per hour in the most crowded direction. A security surveillance system shall be implemented
on the two viaducts. In addition, in case of abnormal frequency of accidents on the viaducts, the Issuer must
take all the necessary measures to restore a normal situation, including as the case may be, implementing the
second phase works on the viaducts earlier than initially anticipated.
Even if, based on its traffic estimates and on the historic rate of accidents on the viaducts as of the date of this
Information Memorandum, the Issuer is not expecting that any of the conditions triggering the start of the
second construction phase (i.e. : road widening works consisting of an increase in the width of the highway
sections and extension of a 2x1 lanes to 2x2 lanes on the two viaducts) will be satisfied prior to the final
maturity of the Bonds, the Issuer cannot give any assurance that no widening obligation will be triggered prior
to the final maturity of the Bonds, in which case Alis will be required to make significant additional
investments.
The Issuer is exposed to operation risks
Except for the operation and maintenance tasks transferred to the O&M Operator under the O&M Contract,
the Issuer is in charge of the operation and maintenance of the Motorway and is exposed to the risks related to
such duties.
While the Issuer has transferred the ultimate economic liability for some of the operation and maintenance
tasks and risks to the O&M Operator under the O&M Contract (see “Description of the Project Documents –
O&M Contract”), the O&M Contract will be reviewed on a regular basis and may be terminated if the parties
to the O&M Contract fail to agree on new terms at the time of such review (without the Issuer having the
assurance that it will be able to replace the O&M Operator on equivalent terms). In addition, the obligations of
the O&M Operator are no longer guaranteed and the liabilities of the O&M Operator under the O&M Contract
are capped and may not match those of the Issuer under the Concession Agreement for the perimeter of
services which has been delegated to the O&M Operator.
Therefore, the ability of the Issuer to operate and manage successfully the Project, whether directly or through
the O&M Operator or its potential successor, will nonetheless continue to be subject to certain risks inherent
in the operation and maintenance of large-scale projects and no assurance can be given that these factors will
not have a material adverse effect on the Issuer capable of impacting significantly its ability to meet its
Heavy Maintenance and Lifecycle Risk
The Issuer, which is responsible for performing heavy maintenance and lifecycle obligations, has
subcontracted some, but not all, of these duties until year 2028 under the Heavy Maintenance Contract to the
Heavy Maintenance Operator (see “Description of the Project Documents – Heavy Maintenance Contract”).
These relate to the road resurfacing.
There is a risk that the Issuer will not be able to perform, whether directly or through the Heavy Maintenance
Contractor, the major maintenance of the road in accordance with its obligations and within budget.
The Issuer will also bear the risk of increased maintenance costs and loss of revenues to the extent the
availability of the road is reduced as a result of any such major maintenance.
If any such risk occurs, this could have a material and adverse impact on the ability of the Issuer to meet its
Grantor's step-in right during the operation period
The Grantor may decide to substitute itself to the Issuer (mise en régie) for a limited period of time under
certain conditions in case of total or partial interruption of traffic in breach of the Concession Agreement.
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During the period in which the substitution is in place, the Issuer may incur unanticipated costs as a result of
such substitution. In such context, the Issuer may not be able to meet its payment obligations under the Bonds.
Restrictions on transfer of shares following foreclosure
Following the foreclosure over the shares in the Issuer, the secured creditors of the Issuer holding the shares in
Alis may not be able to further dispose of such shares to a third party if the Grantor is opposed to such transfer
(on the grounds that such transfer would be likely to affect the ability of the Issuer to ensure the continuity of
the public service and to guarantee the equal treatment for users with regard to that service). Therefore, there
is no assurance the creditors of the Issuer will be able to sell their shares in the Issuer further to foreclosure to
the third party proposing the best price for such shares.
Risk of poor performance of the Concession by the Grantor
Failure by the Grantor to comply with its obligations under the Concession would not entitle the Issuer to
suspend the performance of its own obligations under, or to notify the termination of, the Concession.
In such context, the only remedies of the Issuer would be to bring a legal action before an administrative court
for the purpose of claiming for (i) the compensation of the loss or damage suffered by the Issuer as a result of
the Grantor's breach and/or (ii) the termination of the Concession due to the Grantor's default (along with the
associated compensation) but only in respect of serious breaches from the Grantor which would be assessed
on a case by case basis. Since it is uncertain that the outcome of any such proceeding will result in a
termination of the Concession Agreement and/or compensation that would be sufficient to cover the loss or
damage suffered by the Issuer, and that there is no assurance that such compensation, if any, would be paid in
a timeframe that would enable the Issuer to meet all of its liabilities, the poor performance by the Grantor of
its obligations under the Concession Agreement could have a material and adverse impact on the ability of the
Issuer to meet its payment obligations under the Bonds.
Variations
The Concession Agreement states that the Grantor may order the Issuer to modify the Motorway. Any such
variations and their funding should, pursuant to the provisions of the Concession, be subject to mutual
agreement between the Grantor and the Issuer. However, should the Issuer refuse to consent to the proposed
variations, the Grantor would be able to use its general prerogative of amending, on an unilateral basis, public
law contracts to modify the Concession Agreement. Any such unilateral variation could have a material and
adverse impact on the ability of the Issuer to meet its payment obligations under the A Bonds.
Substantial Indebtedness
At the Issue Date, the Issuer will have substantial indebtedness. The fact that a substantial portion of the
Issuer’s cash-flows must be applied toward payment of the principal and interest on its indebtedness and will
not be available for other purposes, will have an impact on the Issuer’s flexibility to respond to changing
business and economic conditions.
Priority of certain other Secured Creditors
All amounts payable to each of the A Bondholders’ Representatives, the Paying Agent, the Calculation Agent,
the Intercreditor Agent, the Security Agent, the Account Bank and to other agents and third parties appointed
in connection with the A Bonds shall, in accordance with the Intercreditor Agreement, be paid in priority to
any payment in respect of interest, principal and any other sums due on the A Bonds.
The Issuer may incur losses that are not covered by insurance
The Issuer has taken out property, casualty and liability insurance in the ordinary course of its business and in
accordance with market practice. However, the Issuer can give no assurance that these policies will cover all
amounts that may be due in connection with the maintenance or operation of its motorway network and
infrastructure, or the increase in costs resulting from damage to the network, or any claims of third parties in
connection with the construction of the Motorway and any phase of works under the Concession Agreement.
The Issuer may not be able to purchase appropriate insurance coverage in the market to cover its risks.
RISK RELATING TO THE TRANSACTION AND THE A1 BONDS
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Risk relating to the Transaction in general
Payments to creditors of the Issuer, including the A1 Bondholders, are subject to waterfalls
Pursuant to the Conditions and the Intercreditor Agreement, payments of principal and interest with respect to
the A1 Bonds are subject to a waterfall according to which such payments may be only be made after
complete payment of more senior sums under the waterfall (including but not limited to, for instance, the
operating costs and major maintenance and lifecycle costs). As a consequence, if there are no funds available
for such payments, the A1 Bondholders will not receive any sums with respect to interest and principal of the
A1 Bonds and if there are insufficient funds available, interest will be paid by priority and all A Bondholders
will see the sums they are entitled to reduced on a pro rata basis.
Risks relating to the enforcement of the Security Documents under French insolvency law
In the event that a preservation procedure (procédure de sauvegarde), an accelerated financial preservation
procedure (procédure de sauvegarde financière accélérée) or a judicial reorganisation (redressement
judiciaire) would be opened in France against the Issuer, the A1 Bondholders will not be able to enforce their
security interests until an order for the adoption of a plan (e.g. safeguard plan, accelerated financial safeguard
plan, judicial reorganization plan or disposal plan) has been taken by the court. In addition, if a plan has been
adopted, the A Bondholders shall be subject to the provisions of such plan.
Furthermore, in the event of a preservation (procédure de sauvegarde), an accelerated financial preservation
(procédure de sauvegarde financière accélérée), a judicial reorganisation (procédure de redressement
judiciaire) or a judicial liquidation procedure (procédure de liquidation judiciaire), the A1 Bondholders shall
declare their rights to the judicial administrator or, if applicable, the liquidator. If they fail to declare their
rights, the A1 Bondholders will be paid only if all creditors have declared their rights. In addition, even if they
have declared their rights pursuant to the applicable laws and regulations and, in spite of their secured creditor
quality, the A Bondholders will be paid after certain creditors who benefit from a privileged right under the
law (e.g. without limitation, the employees for their latest sixty days pay, the legal proceeding expenses, the
rights arising from the relevant insolvency proceeding, Public Treasury’s preferential right) and only if the
asset(s) encumbered to their profit are sold (separately or under the plan of disposal).
Risk factors relating to the A1 Bonds
The A1 Bonds may not be a suitable investment for all investors
Each potential investor in the A1 Bonds must determine the suitability of that investment in light of its own
circumstances. In particular, each potential investor should:
(a)
have sufficient knowledge and experience to make a meaningful evaluation of the A1 Bonds, the
merits and risks of investing in the A1 Bonds and the information contained in this Information
Memorandum and any applicable supplement;
(b)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation, an investment in the A1 Bonds and the impact the A1 Bonds will have
on its overall investment portfolio;
(c)
have sufficient financial resources and liquidity to bear all of the risks of an investment in the A1
Bonds, including if euro (the currency for principal and interest payments on the A1 Bonds) is
different from the potential investor's currency;
(d)
understand thoroughly the Conditions and are familiar with the behaviour of financial markets; and
(e)
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicable risks.
The existence of pari passu liabilities under the A2 Bonds
The Issuer will issue A2 Bonds at the same time as the A1 Bonds. The A2 Bonds will rank pari passu with the
A1 Bonds and, in particular, the masses of the A1 Bondholders and of the A2 Bondholders will be granted a
shared security package, consisting of the Shared Security Documents and the A2 Bonds Security Documents.
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As a consequence, in the case of enforcement of the Security Documents, the A1 Bondholders will only be
entitled to their pro rata share in the proceeds therefrom. In addition, the A2 Bondholders will have the
benefit of a pledge over the A2 Bonds Redemption Reserve Account and the A2 Bonds Redemption Reserve
Securities Account over which no security interest will be granted in favor of the A1 Bondholders.
Legal investment considerations may restrict certain investments
The investment activities of certain investors are subject to legal investment laws and regulations, or review or
regulation by certain authorities. Each potential investor should consult its legal advisers to determine whether
and to what extent: (i) the A1 Bonds are appropriate legal investments for it; (ii) the A1 Bonds can be used as
collateral for various types of borrowing; and (iii) whether other restrictions apply to its purchase or pledge of
the A1 Bonds. Financial institutions should consult their legal advisers or the appropriate regulators to
determine the appropriate treatment of the A1 Bonds under any applicable risk-based capital or similar rules.
Legality of Purchase
None of the Issuer and the Joint Arrangers and Bookrunners, or any of their respective affiliates has or
assumes responsibility for the lawfulness of the subscription or acquisition of the A1 Bonds by a prospective
investor in the A1 Bonds, whether under the laws of the jurisdiction of its incorporation or the jurisdiction in
which it operates, or for compliance by that prospective investor with any law, regulation or regulatory policy
applicable to it.
The A1 Bonds are obligations of the Issuer only
The A1 Bonds are solely obligations of the Issuer and will not be obligations or responsibilities of, or
guaranteed by, any other entity. In particular, the A1 Bonds are not obligations of, and will not be guaranteed
by, the Shareholders, the A Bondholders’ Representative, the Security Agent, the Intercreditor Agent, Joint
Arrangers and Bookrunners or any of their respective affiliates nor any other persons. Furthermore, no person
other than the Issuer accepts or will accept any liability whatsoever to A1 Bondholders in respect of any
failure by the Issuer to pay any amounts due under the A1 Bonds.
Modification and waivers
A1 Bondholders will be grouped automatically for the defence of their common interests in a Masse, as
defined in “Terms and Conditions of the A1 Bonds - Representation of the A1 Bondholders” and a general
meeting of A1 Bondholders can be held. The provisions of the French Code de commerce and of the Terms
and Conditions of the A1 Bonds permit in certain cases defined majorities to bind all A1 Bondholders,
including A1 Bondholders who did not attend and vote at the relevant general meeting and A1 Bondholders
who voted in a manner contrary to the majority.
The general meeting of A1 Bondholders may deliberate on any proposal relating to the modification of the
Terms and Conditions of the relevant A1 Bonds, notably on any proposal, whether for arbitration or
settlement, relating to rights in controversy or which were subject of judicial decisions.
Furthermore, in relation to decisions which, in the opinion of the Intercreditor Agent, affect both A1 and A2
Bondholders, combined meetings of all A Bondholders may be held, upon quorum and majority rules
determined in accordance with the nature of the decision. The outcome of those combined meetings may
differ from that of separate meetings of A1 and A2 Bondholders and in all cases will bind all A Bondholders
in the same way as individual meetings.
Approval of certain matters may be effected without the positive approval of A1 Bondholders
Certain matters, including the approval of Compliance Certificates and Annual Base Case Updates or the
appointment of Independent Experts, are approved by all A Bondholders on a “Negative Approval” basis. A
matter will be approved in this way unless A Bondholders representing not less than 35% in nominal amount
of the A Bonds outstanding express their disapproval within a specified period. A Bondholders which do not
respond within that period will effectively be deemed to have approved the relevant matter. While
documentation and other matters will be notified to A Bondholders through publication on the Investor
Website in accordance with the Conditions, A Bondholders which do not respond within the specified period
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will have no subsequent rights of challenge in the event that the 35% threshold of A Bondholders have not,
within the specified period, expressly disapproved the relevant matter.
A1 Bondholders’ ability to enforce following the occurrence of an Event of Default is limited
Condition 11 (Events of Default) provides that enforcement action may only be taken by the A Bondholders’
of all Series of A Bonds. A1 Bondholders have no individual rights to enforce. Enforcement instructions
(1) may be voted upon at a single combined meeting of A Bondholders and such a resolution can be passed by
A Bondholders of any Series holding or representing at least 66.66% of the Principal Outstanding Amount of
the A Bonds of all Series or (2) may be decided by at least two A Bondholders of any Series being NonAffiliated holding at least 40% of the Principal Outstanding Amount of the A Bonds. The absence of rights of
A Bondholders to take enforcement action may impact negatively on the efficacy of any such enforcement
action, for example, if action needs to be taken quickly following the occurrence of an Event of Default (e.g.
upon insolvency of the Issuer).
Conflicts of interest generally
Conflicts of interest may arise during the term of the A1 Bonds as a result of various factors involving certain
transaction parties. For example, such potential conflicts may arise because one or more of the Issuer's
creditors may also act in other capacities under the Finance Documents, although the relevant rights and
obligations under the Finance Documents are not contractually conflicting and are independent from one
another.
Potential Conflicts of Interest
The Joint Arrangers and Bookrunners and their affiliates have engaged, and may in the future engage in
investment banking and/or commercial banking transactions with, and may perform services for, the Issuer
and its affiliates in the ordinary course of business. In addition, in the ordinary course of their business
activities, the Joint Arrangers and Bookrunners and their affiliates may make or hold a broad array of
investments and actively trade debt and equity securities (or related derivative securities) and financial
instruments (including bank loans) for their own account and for the accounts of their customers. Such
investments and securities activities may involve securities and/or instruments of the Issuer or Issuer's
affiliates. The Joint Arrangers and Bookrunners and their affiliates may also make investment
recommendations and/or publish or express independent research views in respect of such securities or
financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in
such securities and instruments.
The A1 Bonds may be redeemed prior to maturity
Notwithstanding the fact that the A1 Bonds will be redeemed by instalments in accordance with the
Conditions, the A1 Bonds may be redeemed prior to maturity upon occurrence of certain events as described
in the Conditions. Such transactions shall have no impact on the normal repayment schedule of A1 Bonds
which remain outstanding (in the case of partial redemption or repurchases), but they may decrease the yield
of A1 Bonds which are so redeemed or repurchased prior to their stated maturity.
For example, the Issuer reserves the right to purchase A1 Bonds in the open market or otherwise at any price
in accordance with applicable regulations, or to proceed, on a voluntary basis, to the redemption of the A1
Bonds (in whole or in part) at the Redemption Amount (as defined in the Conditions).
Upon the occurrence of certain events described under Condition 9.3, 9.4, 9.5, 9.6 and 9.7, the Issuer shall
proceed to a mandatory early redemption of the A1 Bonds in accordance with the Condition applicable to such
mandatory early redemption event.
In the event that the Issuer would be obliged to pay additional amounts in respect of any A1 Bond due to any
withholding as provided in Condition 9.8 of the Terms and Conditions of the A1 Bonds, the Issuer may, and in
certain circumstances shall, redeem all of the A Bonds then outstanding in accordance with such Condition.
Any early redemption of the A1 Bonds may result, for the A1 Bondholders, in a yield that is lower than
anticipated. In addition, investors may not be able to reinvest the moneys they receive upon such early
redemption in securities with the same yield as the redeemed A1 Bonds.
23
Credit ratings assigned to the Issuer may not reflect all the risks associated with an investment in the A1
Bonds
The rating assigned by Moody’s (the “Rating Agency”) to the long-term senior indebtedness of the Issuer
reflects only the views of the Rating Agency and in assigning the rating, the Rating Agency takes into
consideration the credit quality of the Issuer and structural features and other aspects of the transaction. There
is no assurance that such rating will continue for any period of time or that they will not be reviewed, revised,
suspended or withdrawn entirely by the Rating Agency as a result of changes in, or unavailability of,
information or if, in the Rating Agency's judgment, circumstances so warrant. If the rating assigned to the
senior indebtedness of the Issuer is lowered or withdrawn, the market value of the A1 Bonds may be reduced.
Future events, including events affecting the Issuer and/or circumstances relating to the industry generally,
could have an adverse impact on such rating.
One or more independent credit rating agencies may assign credit ratings to the Issuer or the A Bonds. The
ratings may not reflect the potential impact of all risks related to structure, market, additional factors discussed
above, and other factors that may affect the value of the A Bonds. A credit rating is not a recommendation to
buy, sell or hold securities and may be revised, suspended or withdrawn by the Rating Agencies at any time.
Market value of the A1 Bonds
The market value of the A1 Bonds will be affected by the creditworthiness of the Issuer and a number of
additional factors, including market interest and yield rates.
The value of the A1 Bonds depends on a number of interrelated factors, including economic, financial and
political events in France or elsewhere, including factors affecting capital markets generally and the stock
exchange on which the A1 Bonds are traded. The price at which a A Bondholder will be able to sell the A1
Bonds may be at a discount, which could be substantial, from the issue price or the purchase price paid by
such purchaser.
If the creditworthiness of the Issuer deteriorates, the value of the A1 Bonds may also decrease and investors
selling their A1 Bonds prior to maturity may lose all or part of their investment.
Risks related to the financial markets generally
Set out below is a brief description of the principal market risks, including liquidity risk, exchange rate risk,
interest rate risk and credit risk:
No active secondary market for the A1 Bonds
As of the date of this Information Memorandum, there is no existing market for the A1 Bonds, and there can
be no assurance that any market will develop for the A1 Bonds or that A1 Bondholders will be able to sell
their A1 Bonds in the secondary market, in which case the market or trading price and liquidity of the A
Bonds may be adversely affected. A1 Bondholders may be unable to sell their A1 Bonds easily or within
satisfactory price conditions, in particular in respect of the yield available in similar investments with a
secondary market. The sale price of the A1 Bonds prior to maturity will be equal to their market price, which
may entail either a gain or a loss for the selling A Bondholders.
The liquidity of any market for the A1 Bonds will depend upon the number of A1 Bondholders (which could
be very limited), the market for similar securities, the interest of securities dealers in making a market, general
economic conditions and the Issuer’s financial condition, performance, prospects and other factors.
Historically, the market for indebtedness with characteristics similar to the A1 Bonds has not been
consistently liquid and has been subject to disruptions that have caused substantial volatility in the prices of
such securities. There can be no assurance that the market for the Bonds will not be subject to similar
disruptions. Any such disruptions may have an adverse effect on A1 Bondholders. In addition, market-making
activity in the A1 Bonds, if any, will be subject to limits imposed by applicable laws and regulations. As a
result, the Issuer cannot assure A1 Bondholders that an active trading market will develop for the A1 Bonds.
24
Exchange rate risks and exchange controls
The Issuer will pay principal and interest on the A1 Bonds in Euro. This presents certain risks relating to
currency conversions if an investor’s financial activities are denominated principally in a currency or currency
unit (the “Investor’s Currency”) other than Euro. These include the risk that exchange rates may change
significantly (including changes due to devaluation of Euro or revaluation of the Investor’s Currency) and the
risk that authorities with jurisdiction over the Investor’s Currency may impose or modify exchange controls.
An appreciation in the value of the Investor’s Currency relative to the Euro would decrease (i) the Investor’s
Currency-equivalent yield on the A1 Bonds, (ii) the Investor’s Currency-equivalent value of the principal
payable on the A Bonds and (iii) the Investor’s Currency-equivalent market value of the A1 Bonds.
Government and monetary authorities may impose (as some have done in the past) exchange controls that
could adversely affect an applicable exchange rate. As a result, investors may receive less interest or principal
than expected, or no interest or principal.
Interest rate risks on A1 Bonds
The A1 Bonds bearing interest at a fixed rate, investment in the A1 Bonds involves the risk that subsequent
changes in market interest rates may adversely affect the value of the A1 Bonds.
Change in law
The structure of the transaction and, among other things, the issue of, and terms and conditions of, the A1
Bonds and rating assigned to the A1 Bonds are based on law (including tax law) and administrative practice in
effect at the date hereof and having due regard to the expected tax treatment of all relevant entities under such
law and administrative practice. No assurance can be given as to the impact of any possible judicial decision
or change to such law, tax or administrative practice after the date of this Information Memorandum and as to
whether any such change could materially adversely impact the value of the A1 Bonds.
French Insolvency Law
Under French insolvency law, holders of debt securities are automatically grouped into a single assembly of
holders (the “Assembly”) in case of the opening in France of an accelerated preservation (procédure de
sauvegarde accélérée), an accelerated financial preservation (procédure de sauvegarde financière accélérée),
a preservation (procédure de sauvegarde) or a judicial reorganisation procedure (procédure de redressement
judiciaire) of the Issuer, in order to defend their common interests.
The Assembly comprises holders of all debt securities issued by the Issuer (including the A Bonds of any
Series) regardless of their governing law.
The Assembly deliberates on the proposed safeguard (projet de plan de sauvegarde), accelerated safeguard
(projet de plan de sauvegarde accélérée), accelerated financial safeguard (projet de plan de sauvegarde
financière accélérée) or judicial reorganisation plan (projet de plan de redressement) applicable to the Issuer
and may further agree to:

increase the liabilities (charges) of holders of debt securities by rescheduling and/or writing-off debts;

establish an unequal treatment between holders of debt securities as appropriate under the
circumstances; and/or

decide to convert debt securities into shares or securities that give or may give right to the share capital.
Decisions of the Assembly will be taken by a two-third majority (calculated as a proportion of the debt
securities held by the holders expressing a vote). No quorum is required on convocation of the Assembly.
For the avoidance of doubt, the provisions relating to the representation of the A1 Bondholders described in
the Conditions set out in this Information Memorandum will not be applicable in these circumstances.
Taxation
Potential purchasers and sellers of the A1 Bonds should be aware that they may be required to pay taxes or
other documentary charges or duties in accordance with the laws and practices of the country where the A
25
Bonds are transferred or other jurisdictions. In some jurisdictions, no official statements of the tax authorities
or court decisions may be available for financial instruments such as the A1 Bonds. Potential investors are
advised not to rely upon the tax summary contained in this Information Memorandum but to ask for their own
tax adviser’s advice on their individual taxation with respect to the acquisition, holding, sale and redemption
of the A1 Bonds. Only these advisors are in a position to duly consider the specific situation of the potential
investor. This investment consideration has to be read in connection with the taxation sections of this
Information Memorandum.
Financial Transaction Tax
On 14 February 2013, the EU Commission adopted a proposal for a Council Directive (the “Draft Directive”)
on a common financial transaction tax (“FTT”). According to the Draft Directive, the FTT shall be
implemented in eleven EU Member States (Austria, Belgium, Estonia, France, Germany, Greece, Italy,
Portugal, Spain, Slovakia and Slovenia; the “Participating Member States”).
On 6 May 2014, the Ministers of the Participating Member States confirmed their intention to implement the
FTT progressively, such that it would initially focus on the taxation of the shares and certain derivative
transactions.
The Draft Directive has very broad scope and could, if introduced, apply to certain dealings in the A Bonds
(including secondary market transactions) in certain circumstances. The FTT shall, however, not apply to
inter alia primary market transactions referred to in Article 5 (c) of Regulation (EC) No 1287/2006, including
the activity of underwriting and subsequent allocation of financial instruments in the context of their issue.
According to the Draft Directive the FTT could apply in certain circumstances to persons both within and
outside of the Participating Member States. Generally, it would apply to certain dealings in the A Bonds
where at least one party is a financial institution, and at least one party is established in a Participating
Member State. A financial institution may be, or be deemed to be, "established" in a Participating Member
State in a broad range of circumstances, including (i) by transacting with a person established in a
Participating Member State or (ii) where the financial instrument which is subject to the dealings is issued in a
Participating Member State.
However, the FTT proposal remains subject to negotiation between the Participating Member States and the
scope of any such tax is uncertain. Additional EU Member States may decide to participate. In June 2016,
Participating Member States, except Estonia which is no longer a Participating Member State, indicated final
decisions would be taken in September 2016.
Prospective holders of the A1 Bonds should consult their own tax advisers in relation to the consequences of
the FTT associated with subscribing for, purchasing, holding and disposing of the A1 Bonds.
26
USE OF PROCEEDS
The proceeds arising from the issuance of the A Bonds, together with the cash available to the Issuer
(including through the release of existing reserve and security accounts) are intended to refinance in full
(including by way of buy-back and exchange) the current senior debt financing (i.e. all classes of Existing A
Bonds under the current senior debt financing) and pay the transaction costs, fees (including break costs, if
any) and working capital relating to or in connection with the transaction as well as to make the payments to
the A Bonds Debt Service Reserve Account and the Major Maintenance Reserve Account in accordance with
the terms of the Transaction Documents. Any surplus (if any) shall be allocated to discharge the following
items (in the following order of priority):
(i)
first, any interest due but unpaid on the SAPN Tranche 1 Debt;
(ii)
second, any scheduled principal amortization due but unpaid (including any capitalised interest) on the
SAPN Tranche 1 Debt;
(iii)
third, any interest due but unpaid on the Existing B Bonds;
(iv)
fourth, any scheduled principal due but unpaid (including any capitalised interest) on the Existing B
Bonds;
(v)
fifth, replenishment of the B Bond DSRA;
(vi)
sixth, prepayment of the remaining SAPN Tranche 1 Debt (including any capitalised and accrued
interest);
(vii)
seventh, prepayment of the remaining Existing B Bonds (including any capitalised and accrued
interest); and
(viii)
eighth, payment of any interest and prepayment of principal on Shareholder Loans and SAPN Tranche
2 Debt on a pro rata and pari passu basis.
27
DESCRIPTION OF THE ISSUER
General
Alis is a limited liability company (société anonyme) incorporated under the laws of the French Republic on
19 March 1999 and is registered with the Bernay Companies Register (Registre du Commerce et des Sociétés
de Bernay) under number 422 654 160. Alis has its registered office at Lieu Dit le Haut Croth, 27310 Bourg
Achard. The telephone number of Alis is + 33 1 32 20 21 70 and the fax number of Alis is + 33 1 32 20 21 83.
Share Capital and Shareholders
The share capital of the Issuer is represented by 5,700,000 shares of common stock with a par value of Euro
0.50 each. The share capital is fully subscribed and paid up as of the Issue Date.
As at the date of this Offering Memorandum, the issued shares of the Alis are owned by the entities set out
below (or their respective affiliates) in the following proportions:
Shareholder
Shares
% Shareholding
Capital contribution
MCIF
1,482,000
26.00%
EUR 741,000
DC
1,890,690
33.17%
EUR 945,345
SAPN and Sanef
1,121,190
19.67%
EUR 560,595
Aberdeen
Infrastructure
750,120
13.16%
EUR 375,060
Egis SA
456,000
8.00%
EUR 228,000
Business and Principal Activities
Alis is a special purpose company whose main corporate purpose is to carry out the Project.
Alis has not (since its date of incorporation) traded or otherwise been in operation nor carried out any business
or activities, other than those incidental to the construction and operation of the Project and its registration, the
financing of the Project and other matters described or contemplated in this Offering Circular.
Management and Board of Directors
As of the date of this Offering Memorandum, the directors of Alis, their business address, functions and the
principal activities performed by them outside Alis where these are significant, are as follows:
Name
Function
Principal Activities
Gwenola Chambon
Director
Head of Infrastructure Mirova, 21 quai d’Austerlitz,
Funds, Mirova
75013 Paris, France
Johan Claessens
Director
Investment
PGGM
Mounir Corm
Director
Deputy
Head
of Mirova, 21 quai d’ 'Austerlitz,
Infrastructure
Funds, 75013 Paris, France
Mirova
EGIS
SA, Director
represented by JeanYves Goavec
Project Director – Egis Egis Projects, 15 avenue du
Projects
Centre, CS 20358 Guyancourt,
78286 Saint Quentin en
Yvelines Cedex, France
Irina Frolova
Investment
PGGM
Director
MCIF, represented Director
by
Romain
Uthurriague
Director
Director
Business Address
– PGGM, Noordweg Noord 150,
3704 JG Zeist, The Netherlands
– PGGM, Noordweg Noord 150,
Senior
Investment Mirova, 21 quai d’ 'Austerlitz,
Manager, Mirova
75013 Paris, France
28
Arnaud Hary
Frédéric
Verdier
Director
Chairman
Michel- Director
and CEO of Alis
Sanef, 30 boulevard Gallieni,
Head of concessions 92130 Issy les Moulineaux,
France
development at Sanef
Executive
Director 60 Gresham Street London|
(Europe), Infrastructure EC2V 7BB, United Kingdom
Investments for IFM
Investors. Alis Director,
Representing Aberdeen
Asset Management
SANEF
SA, Director
represented
by
Arnaud Quémard
COO of Sanef
92130 Issy les Moulineaux,
France
SAPN
SA, Director
represented
by
Vincent Cuvillier
CFO of Sanef
92130 Issy les Moulineaux,
France
Leslie Tennant
Director
Head
of
Secondary Aberdeen Asset Management
Investments
, 40 Princes Street Edinburgh
Infrastructure, Aberdeen EH2 2BY, United Kingdom
Asset Management
Frank Roeters van Director
Lennep
Head of Infrastructure – PGGM, Noordweg Noord 150,
PGGM
Diomedea
Director
Coöperatief
U.A.
represented by Erik
van den Brake)
Investment Director
PGGM, Noordweg Noord 150,
No Conflict of Interest
There are no potential conflicts of interest between any duties to Alis and the private interests and/or any other
duties of the persons appointed as directors of Alis.
Financial Statements
The financial year of Alis ends on 31 December. The audited Financial Statements of Alis for the financial
years ended 31 December 2015 and 31 December 2014 are set out in the annex of this Offering Circular.
External Auditors
The auditors of Alis are Mazars, Chartered Accountants, whose offices are at Tour Exaltis, 61 rue Henri
Regnault, 92400 Courbevoie, France.
Material Contracts
There are no material contracts entered into other than the Finance Documents, the Project Documents
(including any agreement or contract to be entered into, as the case may be, after the date of the Offering
Circular pursuant to which any obligation of Alis under the Concession Agreement is sub-contacted to a third
party) and such other documents entered into by Alis in the ordinary course of Alis’ business which could
result in Alis being under an obligation that is material to Alis’ ability to meet its obligations to A
Bondholders in respect of the A Bonds.
Legal and Arbitration Proceedings
There are no and have not been any governmental, legal or arbitration proceedings (including any such
proceedings which are pending or threatened of which Alis is aware) since the date of incorporation of Alis
which may have, or have had in the recent past, a significant effect on the financial position or profitability of
Alis.
Significant Change in Financial or Trading Position
29
There has been no significant change in the financial or trading position of Alis and no material adverse
change in the prospects of Alis since 31 December 2015. Copies of the latest annual audited accounts of Alis
may be obtained on the Investor Website, so long as any A Bonds remain outstanding.
30
DESCRIPTION OF THE SHAREHOLDERS
ALIS is supported by a strong and experienced shareholder group which includes financial sponsors (incl.
Mirova, PGGM, Aberdeen Infrastructure) alongside industrial companies (EGIS and Sanef Group).

Mirova Core Infrastructure Fund SCS SICAV-SIF (MCIF)
Company background
and credential
– As a manager of Caisses d’Epagne’s infrastructure investment vehicles FIDEPPP
and FIDEPPP2, Mirova is a leader in the French PPP market, with a proven track
record on greenfield investments and asset management of brownfield assets. It has
invested in 20 PPP assets across a broad range of sectors. Mirova benefits also
from as a highly skilled integrated support team and has developed strong expertise
in assessing and managing risks associated with brownfield infrastructure
investments from operational and strategic to financial and legal, and is thus well
equipped to manage the assets being offered for sale. In particular, Mirova is
familiar with availability-based and revenue-based assets such as motorways,
universities, hospitals, stadiums, arenas, conference halls or exhibition centres.
– Mirova Core Infrastructure Fund, Mirova’s €700m fund dedicated to brownfield
infrastructures in Europe, has a long-term, 25-year buy-and-hold strategy and seeks
to invest in core infrastructures with strong sustainability criteria.
Selected Credentials
– French Highway Maintenance Centres PPP (42.49%): EUR 216m –The
financing, design, construction and the equipping of sixty-three maintenance and
intervention centres - or Centres d'Entretien et d'Intervention - as workplaces for
the professionals who are to be involved with services such as regular maintenance,
cleaning, providing fluids, taking care of large maintenance projects, and the
renewing of the roads design
– BPNL Safety Tunnels PPP (30%): EUR 115m – DBFO of safety tunnels and the
operation and maintenance (including toll collection) of the Boulevard
Périphérique du Nord de Lyon (BPNL) in France, the 10km BPNL, of which
6.5km is tunnels, is operated under a 20-year concession which starts on 2 January
2015
– Dijon Tramway Electric System PPP (80.99%): EUR 60m – DBFMO of the
electric and information systems for Dijon tramway and a PV plant in the tramways
park
– Nîmes-Montpellier High Speed Rail PPP (27%): EUR 1,306m – DBFMO of
around 80km of rail infrastructure, including 60km in high speed rail – bypassing
the cities of Nimes and Montpellier - and two connecting lines of 10km, about 40
per cent of the project costs will be met by construction payments funded by the
French state, the regional and general council, and the local authority associations
of Montpellier and Nîmes

Diomedea Coöperatief U.A. (DC)
Company background
and credential
– Diomedea Coöperatief U.A. (33.17%), a Dutch Cooperative (coöperatie),
represented by its sole member and managing director Stichting Depositary PGGM
Infrastructure Funds which is also the title holder of PGGM Infrastructure Fund
2014. PGGM Vermogensbeheer B.V. (“PGGM”) acts in capacity as fund manager of
PGGM Infrastructure Fund 2014.- Funded in 1969, PGGM is a leading Dutch
pension fund services provider with AUM ca. €184bn and 1500 employees offering
its clients pension administration, asset management and advisory services. PGGM is
a cooperative business with 700 thousand members, employers and employees
31
mainly in the Dutch health care sector. Since 2005 PGGM invested EUR6.5bln in
essential infrastructure companies and projects in Europe, North America, Asia and
Australia. PGGM is a direct infrastructure investor with long-term investment
horizon and strong commitment to the principles of responsible investment.
– PGGM Infrastructure is particularly active in the transportation sector, where it
invests in PPP projects via its joint venture with BAM and in the road and rail
projects via GlobalVia.

– M11 Gorey-Enniscorthy Motorway PPP, Ireland: EUR 200m – 40km road project
in Wexford, Ireland that compromise the construction of three new sections of M11,
N30 and N80. BAM PGGM JV is a shareholder in M11.
– APRR, France: Concessionaire of a major toll road network in France consisting of
2,264km of operating motorway, and is the fourth largest toll operator in Europe.
PGGM is a shareholder in APRR.
– University Partnerships Programme Acquisition (100%): USD 1.6bn – PGGM
holds a 60% stake in the UK-based UPP Ltd, , a university campus and residential
student accommodation developer with ca 30,000 rooms. – Madrilena Red de Gas
(MRG): PGGM is a major shareholder in MRG, a Spanish gas distribution company
with network of 5,500km pipelines serving approx. 842,600 connection points in 59
municipalities in Madrid.
– A2 : PGGM owns stakes in two Polish concessions for A2 motorway with total
length 250km. t
– Global Via: PGGM owns 40% stake in the major concession and rail and road
operating company.
Aberdeen
Company background
and credential
– Aberdeen Asset Management is one of the largest independent asset managers in
the world in terms of assets under management. It is based in 25 countries with 37
offices, over 750 investment professionals and around 2,800 staff overall. Assets
under management across several asset classes, namely equities, fixed income,
property, infrastructure and private equity were €369.3 billion as at 31 March 2016.
– Aberdeen Asset Management invests in essential economic and social
infrastructure projects in Europe, U.S. and Australia, having made in excess of 120
infrastructure investments in Public Private Partnerships
– Dumfries and Galloway Acute Hospital PPP (50%): EUR 350m – DBFM of a 350bed hospital under the Scottish Government’s non-profit distributing model, the
replacement of the existing Dumfries and Galloway Royal Infirmary with a new
general hospital development in Dumfries.
– North Yorkshire Waste Management PPP (33.3%): EUR 550m – The development
of a waste management project located near Harrogate, England, the project will
process all of the residual waste from North Yorkshire County Council and the City
of York with the remaining capacity of the plant used to process commercial and
industrial waste sourced by Amey Cespa.
– M8, M73 and M74 (30%): EUR 500m – The upgrade of the M8, M73 and M74
motorway in Scotland under a 30-year PPP contract. The project comprises the
upgrading and creation (online and offline) of 10km of the A8 to motorway standard,
upgrading and creation of a further 10km of dual carriageway. 5km of the existing
32
A8 will be upgraded and a further 5km of three-lane motorway built alongside the
current road. It also covers operation and maintenance of the M8, M73 and M74 over
the whole operational period, plus that of part of the A8, A89 and A725 trunk road
during construction.
– TT2 (41%): EUR 520m - Design, build, finance and operate for a 30 year
concession period. Project based in Newcastle Upon Tyne, England consisting of a
dual lane tunnel beneath the River Tyne, with ten lane toll plaza and two new road
bridges. Works also included a major refurbishment of a 1967-built two lane road
tunnel which provides a further eight lane toll plaza. The project is now into the
operational phase and has more than doubled the capacity of the river crossing. The
project was innovative in design and construction whilst providing a unique
challenge via operating the existing Tyne Tunnel throughout the construction phase.
“British Construction Industry Major Civil Engineering Project of the Year” Award
in 2012.

SAPN and Sanef
Company background
and credential
– SAPN is a 99.9% subsidiary of Sanef and thus a member of the Sanef Group
(which contains both Sanef and SAPN).
– the Sanef group is a mobility infrastructure management group and a service
operator, Sanef is part of the Abertis group (Abertis owns 52.5% of the holding
controlling Sanef)
– The Abertis Group is an international group which manages mobility and
telecommunications infrastructures through three business areas: tollroads,
telecommunications and infrastructures , as a result of continuous international
expansion in the company's activities it now operates in 15 countries on three
continents and has consolidated its position as the leading infrastructure management
company in Europe and a major world player in the field
– Sanef Group operates 2,603 kilometres of motorway which is equivalent to EUR
8,100m worth of assets, most of it through direct concession (the majority are in the
North of France)
– A65 (35%): EUR 1,185m – DBFMO of the A65, also known as the Autoroute de
Gascogne, is a new 150 km toll motorway between Langon (Gironde) and Pau
(Pyrénées-Atlantiques), located in South West France.
– BPNL Safety Tunnels PPP (35%): EUR 115m – DBFO of safety tunnels and the
operation and maintenance (including toll collection) of the Boulevard Peripherique
du Nord de Lyon (BPNL) in France, the 10km BPNL, of which 6.5km is tunnels, is
operated under a 20-year concession which starts on 2 January 2015
– Sanef is the concessionaire and operator of the A1, A2, A4, A16, A26, A29 East
(and the A65) motorways
– SAPN is the concessionaire and operator of the A13, A131, A132, A139, A151,
A29 West and A154 motorways

Egis SA
Company background
– Egis is an international group offering engineering, project structuring and
operations services. In engineering and consulting its sectors of activity include
33
and credential
transport, urban development, building, industry, water, environment and energy
– In roads and airports its offer is enlarged to encompass project structuring, equity
investment, turnkey systems delivery, operation and mobility services
– Employing 12,000 people, including 7,800 in engineering, the group generated a
managed turnover of EUR854 million in 2014
– Egis is 75% owned by Caisse des Dépôts
– L2 Bypass (7.5%): EUR 511m – DBFM of of a 10km bypass around the city of
Marseilles; the operation of the L2 is excluded from the scope of the agreement and
will be provided by the state
– A63 (8.34%): EUR 1,137m – DBFMO of the A63 which will link Salles to SaintGeours-de-Maremne (Landes), the 102km road will be enlarged from two to three
lanes and then operate it under a 40-year concession
– A88 (14.28%): EUR 282m – DBFMO of the 44km south section between Falaise
and Sées on the A88 toll road in France, this section of motorway links Normandy
and the northern section of the A88 at Caen to the A28 toll road (Atlantic road
corridor)
– A5 Ostregion (11.2%): EUR 800m – DBFMO of the road project in Austria
comprising 51.5km of motorway in four sections: the A5 South (the southern section
of a new motorway link between Austria and the Czech Republic), the S1East and
S1 West (part of the planned outer Vienna ring-road) and the S2 Süssenbrunn
Bypass
– Nîmes-Montpellier High Speed Rail PPP (27%): EUR 1,306m – DBFMO of
around 80km of rail infrastructure, including 60km in high speed rail – bypassing the
cities of Nimes and Montpellier - and two connecting lines of 10km, about 40 per
cent of the project costs will be met by construction payments funded by the French
state, the regional and general council, and the local authority associations of
Montpellier and Nîmes
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DESCRIPTION OF THE PROJECT DOCUMENTS
Concession Agreement
The Concession Agreement shall expire on the 31 December of the 62nd year following the scheduled
operation commencement date of the Motorway, i.e. 31 December 2067. Under the Concession Agreement,
Alis undertook to complete the construction of the Motorway in accordance with the Concession Agreement
specifications and applicable regulations.
Land Acquisition
The plots of land necessary for the construction and operation of the Motorway were to be acquired directly
by Alis, either on an amicable basis or by way of expropriation and other appropriate procedures, given the
fact that the project is officially declared as being in the public interest (utilité publique), under its own
responsibility and at its own cost, subject to the public financial participation (described below). The plots of
land have been integrated into the domain of the Grantor as soon as they were acquired by Alis.
The land acquisitions necessary for the second construction phase (described below) have been completed
together with those necessary for the first construction phase.
Construction risk and post-completion guarantees
Alis shall bear all risks relating to the design, construction and commissioning of the Motorway. During the
initial construction phase and before the commissioning of the Motorway, the works were inspected by a
controlling entity designated by the Grantor (autorité chargée du contrôle). After the commissioning date,
which occurred on 26 October 2005, Alis shall remain responsible for remedying all defects over the whole
duration of the Concession Agreement in order to ensure the use of the Motorway at a satisfactory level of
safety and convenience at all times and in all circumstances. Please refer to Sections Construction Contract,
O&M Contract, Heavy Maintenance Contract and Heavy Maintenance Interface Agreement below.
The Concession Agreement provides for characteristics of the Motorway to be implemented in a second
phase, consisting in (i) an increase in the width of the highway sections from 9.50 meters to 11.00 meters and
(ii) regarding the two viaducts, the extension of a 2x1 lanes to 2x2 lanes, together with the construction of
second decks (tabliers). Second phase works will thus be more limited than the works during initial
construction phase.
For each section of the Motorway taken separately (there are six (6) different sections identified under the
Concession Agreement), Alis shall implement the second phase works as soon as, on a given section, the
hourly traffic during the thirtieth busiest hour in a year exceeds 1400 units of passenger cars (unités de
véhicule particulier) per hour in the busier direction (provided that a heavy goods vehicle is worth two units).
The section between Alençon and Sées has already been built according to the requirements of the second
construction phase.
Regarding the two viaducts, the Concession Agreement provides that Alis shall build the second decks no
later than the period of designing ("mise en configuration") of second phase works on the section to which
they both belong. Please note that a security surveillance system shall be implemented on the two viaducts. In
case of unusual accident figures on the viaducts, Alis shall take all necessary measures to restore a normal
situation, including as the case may be implementing earlier the second phase works on the viaducts.
The Motorway includes seven (7) interchanges. The Concession Agreement provides that the construction of
one of them (the Sées interchange) shall be postponed and shall be built at a date agreed between Alis and the
Grantor.
Works of the second construction phase shall be inspected by the above mentioned controlling entity
designated by the Grantor.
Variations
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After the date of commencement of operations, Alis may modify and improve the Motorway by the
development and operation of new buildings and installations, subject to prior approval of such variations by
the Grantor and only if the Motorway itself is not substantially modified by these variations. The Minister in
charge of national roads may order Alis to modify the Motorway. These variations and their mode of
financing will normally. under the Concession Agreement, be subject to agreement between the parties. The
Grantor may nonetheless probably also use its general prerogative of unilaterally amending public law
contracts to modify the Concession Agreement despite the Concessionaire refusal.
Operation and maintenance of the Motorway
Alis shall operate and maintain the Motorway in compliance with applicable laws and regulations. In doing so,
Alis shall comply with all applicable police and safety measures relating to the operation of a motorway in
France. All maintenance works on the Motorway shall be carried out without interruption of the traffic. In the
event that the traffic must be interrupted exceptionally for maintenance or modification of the Motorway, Alis
must obtain the prior authorisation of the Grantor's local representative (Préfet) and notify the interruption to
the public, except if the interruption is due to the occurrence of an event of force majeure. Alis is entitled to
subcontract the operation and maintenance of the Motorway with the Grantor's prior consent but Alis remains
responsible towards the Grantor.
Public financial participation (subsidies)
The Grantor and French local public authorities have paid subsidies to Alis in relation to the construction
works of the Motorway (a lump sum of EUR 309.916 million - January 2000 Euros), as well as a share of the
costs borne by Alis for land acquisitions above certain thresholds and a share of the costs borne by Alis for
works for the reinstatement of public roads (above a certain threshold and the subsidies being capped). The
terms and conditions of payment of the public subsidies and sharing between the Grantor and French local
public authorities have been provided under the Subsidies Tripartite Agreement. All public subsidies have
been paid in compliance with the Concession Agreement and the Subsidies Tripartite Agreement.
Concession Fee
Alis shall pay to the Grantor an annual concession fee equal to 9 per cent (9%) of Alis' turnover (excluding
taxes) as of the 31 December of each year when:
(i)
the sum of the cash flows available for debt servicing expressed in constant Euro calculated on the
basis of the previous years since commissioning of the Motorway exceeds EUR 3,785 million; and
(ii)
the sum of the cash flows available for debt servicing expressed in January 2000 Euros calculated on
the basis of the previous years since commissioning of the Motorway exceeds EUR 1,883 million.
Alis shall pay to the Grantor an annual concession fee equal to 18 per cent (18%) of Alis' turnover (excluding
taxes) as of the 31 December of each year when:
(i)
the sum of the cash flows available for debt servicing expressed in constant Euro calculated on the
basis of the previous years since commissioning of the Motorway exceeds EUR 5,696 million; and
(ii)
the sum of the cash flows available for debt servicing expressed in January 2000 Euros calculated on
the basis of the previous years since commissioning of the Motorway exceeds EUR 2,440 million.
In any case, the concession fee shall only be due as of 31 December of the fortieth year following the year on
which the Motorway has been commissioned, i.e. December 31st 2045. The concession fee for the year n is
calculated on the basis of the turnover generated during year n-1 and is payable before 30 June of year n. The
notion of cash flows available for debt servicing is defined under the Concession Agreement. The concession
fee is shared between the Grantor and French local authorities pro rata to their contributions to the subsidies
paid to Alis in accordance with the provisions of the Subsidies Tripartite Agreement. Based on the Issuer
Revenue forecast Alis does not expect Concession Fees to be payable before the final maturity of the A1
Bonds.
Toll tariff
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The remuneration of Alis mainly derives from the toll rates that Alis directly collects from users. Pursuant to
the Concession Agreement, toll rates are fixed for five different categories of vehicles. The Concession
Agreement provides rules for setting out toll rates, including the method to calculate the average toll rate per
kilometre (tarif kilométrique moyen or "TKM") on which the effective toll rates are based. The TKM takes
into account the network's structure and the operating and financial costs of Alis.
The Concession Agreement provides that toll rates are annually set by Alis in accordance with the provisions
of the Concession Agreement and applicable regulations. The Concession Agreement also provides that the
Grantor and Alis undertake to enter into five-year plan contracts (contrats de plan) which shall specify the
rules governing toll rate evolution in accordance with Decree No 95-81 of 24 January 1995. The Grantor and
Alis agree that the terms of these plan contracts shall comply with the provisions of the Concession
Agreement.
No plan contract has been signed between the Grantor and Alis so far. Therefore, in accordance with Article 3
of the Decree of 24 January 1995, toll rates for A28 motorway shall be set by a joint ministerial order of the
Minister in charge of Economy and the Minister in charge of Infrastructures, after consultation of Alis.
Pursuant to Article 3 of the Decree of 24 January 1995, the increase in toll rates determined by this procedure
may not be less than 70% of the increase rate in the French consumer price index (excluding tobacco
products) since the toll rates were last established. Besides, pursuant to the Conseil d'Etat case law (the French
administrative Supreme Court), in case where no plan contract is in force, the increase in toll rates shall also
comply with the provisions of the Concession Agreement (see CE, 24 February 2011, No 337920). This
means that Alis shall be entitled to an increase in toll rates of more than 70% of the French consumer price
index in so far as such increase is provided under the Concession Agreement.
Should a contract plan be entered into between Alis and the Grantor in the future, resulting in Alis setting toll
rates, Alis should submit draft toll rates to the Minister in charge of Economy and the Minister in charge of
National Roads and should provide all information and calculation in respect of toll rates. Toll tariffs should in
the principle become applicable six weeks after being communicated to the Ministers and should enter into
force on 1st February of each year. If the Ministers considered that the toll rates proposed by Alis did not
comply with the provisions of the Concession Agreement, and after a formal notice to Alis (requiring
modification of the proposed toll rates or additional information) remained uncured, the Minister in charge of
Economy and the Minister in charge of National Roads should issue a joint order by which they would
unilaterally set toll rates, in accordance with the toll evolution formula provided under the Concession
Agreement, until the next scheduled toll rate adjustment.
Pursuant to Law No 2015-990 of 6 August 2015, since from February 2016, the toll rate system is supervised
by an independent public authority (Autorité de régulation des activités ferroviaires et routières). This
independent authority will notably be consulted on the draft amendments to motorway concessions, provide
the Parliament with an annual financial summary of concessions and ensure follow-up of the annual internal
rate of return of each concession.
Change in technical regulations
In case of a substantial change in any technical regulation or the enactment of any new technical regulations
after the entry into force of the Concession Agreement (pertaining notably to environmental and road safety
regulations), pursuant to law, regulations or any other mandatory text or rule, the Grantor and Alis shall meet
in order to determine whether such change has a significant impact (including a financial impact) on the
concession and shall agree, within 6 months after the entry into force of such changes, on adequate measures
to be taken by the Grantor (as the case may be with respect to toll rates) in order to ensure the continuity of the
public service and compensate the impact of such changes.
Taxes
Alis bears all taxes with respect to the concession.
In case of a substantial change or creation after the entry into force of the Concession Agreement of any taxes
or fees (in each case specifically imposed on toll road concessionaires or motorway concessionaires), the
Grantor and Alis shall meet in order to determine whether such change has a significant impact (including a
financial impact) on the concession and shall agree, within 6 months after the entry into force of such changes,
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on adequate measures to be taken by the Grantor (as the case may be with respect to toll rates) in order to
ensure the continuity of the public service and compensate the impact of such changes.
The calculation methods of the land planning tax paid by Alis in accordance with article 302 bis ZB of the
French General Tax Code and of the fee for use of the public domain paid by Alis in accordance with article
R. 122-27 of the French Roadway Code have been modified – respectively by Law No 2010-1657 of 29
December 2010 and by Decree No 2013-436 of 28 May 2013 – leading to an increase of the amounts paid by
Alis.
Alis will be compensated by the Grantor for such tax increases until 30 June 2016 pursuant to separate
agreements entered into between Alis and the Grantor. Alis does not anticipate any difficulty in being
compensated for such tax increases after 30 June 2016 in compliance with the provisions of the Concession
Agreement.
Guarantees
Alis undertakes to provide the Grantor with a first demand guarantee issued by a bank or credit institution
covering the costs for the Motorway to be in a normal state of maintenance until the expiration of the
Concession Agreement within two months of the definition of the maintenance programme of the Motorway
(which shall be prepared seven years before the Concession Agreement expires). The amount of this guarantee
will vary in time. In the event Alis receives a buy-back notice from the Grantor, it shall, in order to guarantee
the maintenance of the Motorway, provide a bank guarantee covering an amount equal to twice the annual
cost of maintenance for the five years with the highest maintenance costs during the seven-year period prior to
the buy-back.
Supervision
Alis is supervised by the Minister in charge of National Roads. Its representatives shall have a free access at
any time to the Motorway and to the offices of Alis. Alis shall annually provide to the Minister in charge of
Economy and the Minister in charge of National Roads various documents, reports and information, notably
its annual audited accounts. Alis shall establish its accounts in compliance with rules applicable to public
service concessionaires, notably in connection with amortization of assets.
Hand-back at normal expiration of the Concession Agreement
Upon expiration of the Concession Agreement, the Grantor is subrogated in all rights of Alis pertaining to the
Concession Agreement. The returnable assets (i.e. so-called "biens de retour" which are assets which are
necessary to the performance of the Concession Agreement) shall immediately be handed back by Alis to the
Grantor with no compensation for Alis. In accordance with the Concession Agreement, Alis shall be entitled
to a compensation for the unamortized value of renewal works to be completed under the final maintenance
and renewal plan implemented seven (7) years before the expiration date of the Concession Agreement and
that cannot be amortized over the remaining duration of the Concession Agreement, provided that they have
been approved by the Grantor prior to their completion (Please also refer to section “Renewal / Heavy
maintenance” below).
The Grantor may buy the assets classified as useful assets (biens de reprise) if the Grantor considers that they
can be useful to the performance of the Concession Agreement, as well as stocks and supplies, at their net
accounting value (valeur nette comptable).
Renewal / Heavy maintenance
Alis shall be responsible for renewal and heavy maintenance of all structures, infrastructures and equipment of
the Motorway from the commissioning date until expiry of the Concession Agreement (without any detailed
obligations provided under the Concession Agreement).
Seven (7) years before the expiration date of the Concession Agreement, a final maintenance and renewal plan
shall be established by the Grantor, after consultation of Alis and, if need be, with the assistance of an expert.
The final maintenance and renewal plan shall describe the maintenance and renewal works to be carried out
during the last five years of the concession in order to ensure that the Motorway is handed back to the Grantor
in a good state of maintenance, together with estimated costs. In case of failure by Alis to complete such plan,
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the costs relating to the works that have not been carried out shall be paid by Alis to the Grantor within two
months from the expiration date of the Concession Agreement. Renewal works that cannot be amortized over
the remaining duration of the Concession Agreement shall be approved by the Grantor prior to their
completion, failing which Alis shall not be entitled to any compensation for the unamortized value of such
renewal works.
Please refer to Section Heavy Maintenance Contract below for details on the transfer of part of the renewal
risk to the Heavy Maintenance Contractor.
Buy-back of the Concession
As of 31 December of the fortieth year following the year on which the Motorway has been commissioned (ie.
31 December 2045), the Grantor may buy-back the concession on 1st January of each year subject to a prior
notice of at least one year to Alis and if the following cumulative conditions are met: (i) the sum of the cash
flows available for debt servicing expressed in constant Euro calculated on the basis of the previous years
since commissioning of the Motorway exceeds EUR 3,785 million; and (ii) the sum of the cash flows
available for debt servicing expressed in January 2000 Euros calculated on the basis of the previous years
since commissioning of the Motorway exceeds EUR 1,883 million.
In such case, Alis is entitled to an indemnity equal to the sum of:
(i)
for each year remaining until the expiration date of the Concession Agreement, an annual installment,
paid before 30 June of each year, calculated on the net annual revenues of Alis and an indexation
coefficient defined under the Concession Agreement. The reference annuity shall be equal to the
higher of (i) the average of the five (5) highest net annual revenues out of the seven (7) years
preceding the buy-back notice and (ii) the net annual revenues generated over the year preceding the
buy-back notice. The expenditures taken into account to calculate the net annual revenues do not
include financial expenditures, amortizations which have been spread over the duration of the
Concession Agreement and the initial construction costs and costs of subsequent investments.
(ii)
a lump sum indemnity paid before 30 June of the year of the buy-back covering expenditures borne by
Alis for renewable fixed assets over the fifteen (15) years preceding the buy-back notice (after
deduction, for expenditures of a given year, of a fraction equal to N/15, N being the number of years
between such given year and the year of the buy-back).
In case of failure of Alis to hand back the assets in a good state of maintenance, the rehabilitation costs may be
deducted from the buy-back indemnity or give rise to payments under the hand-back guarantee described
above.
In case of buyback by the Grantor, the Grantor shall be substituted, as from the date of the buyback, in all
commitments taken under normal conditions by Alis for the performance of works and operation of the
Motorway, except with respect to finance agreements.
Please note that, before the 31 December of the fortieth year following the year on which the Motorway has
been commissioned, as well as after such date as long as the conditions provided for under the Concession
Agreement for the buy-back are not met, the Grantor may terminate the Concession Agreement on general
interest grounds ("motifs d'intérêt général") pursuant to French public law principles. In the event of
termination on general interest grounds, Alis should in principle, and pursuant to French administrative case
law, be entitled to full indemnity for (i) the actual costs incurred as a result of such termination, including the
net accounting value of the assets that it has financed and which revert to the Grantor (biens de retour and, as
the case may be, biens de reprise) and (ii) loss of profits.
Penalties
Alis shall be liable to pay a penalty of €3,800 (indexed) per day in the event it fails to comply with its
obligations under the Concession Agreement for reasons attributable to Alis. The amount of penalties (without
accounting for indexation) is capped at €1.526 million per annum or €7.630 million over the term of the
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Alis shall be liable to pay a penalty of €35,000 (indexed) per day in the event it fails to complete the
Motorway within ninety (90) days as of the scheduled operation commencement date. The global amount of
this penalty (without accounting for indexation) is capped at €10 million .
Alis shall be liable to pay a penalty of €19,000 (indexed) per day of interruption of traffic on the Motorway
for reasons attributable to Alis and constituting a breach of certain obligations under the Concession
Agreement. The global amount of penalties (without accounting for indexation) is capped at €0.6 million per
annum. The Grantor is entitled to decide to exercise step-in rights by temporarily taking over the operation of
the Motorway (mise en régie) under Alis' responsibility and at its costs in case of a partial or complete
interruption of the traffic on the Motorway which would constitute a breach of the provisions relating to the
continued operation of the Motorway in the Concession Agreement. This substitution may be terminated upon
production by Alis of evidence establishing its capacity to operate the Motorway again.
The penalties due by virtue of the Concession Agreement shall be credited into an escrow account opened in
the books of a licensed bank in France and shall become payable to the Grantor after a period of ten years
after the date on which they are credited to the account. The account may be charged in favour of the project
lenders and the amounts standing to the credit of this account may be paid to the financiers in order to avoid
Alis' payment default under the finance agreements. Alis shall re-credit these amounts (indexed) to the
account as soon as it has recovered a financial position which permits it to do so.
Liability towards third parties
Alis shall be responsible for the damages and losses caused to third parties arising from the performance by
Alis, or under its responsibility, of its obligations under the Concession Agreement.
Termination of the Concession Agreement for Alis’ default
In case of gross negligence or default (faute grave) of Alis, and if within thirty (30) days from reception of the
notice sent by the Grantor, Alis has neither cured its breach in compliance with the Grantor's notice nor
proposed a substituted entity, or if such substituted entity has been refused by the Grantor on grounds of valid
reasons, the Grantor shall apply to the administrative court so that the judge declares the termination of the
Concession Agreement for default of Alis. As from the date of such application, the Grantor may take all
measures in order to ensure the continued operation of the Motorway at the risks and costs of Alis. The assets
of the concession shall immediately revert to the Grantor as of the declaration of termination by the judge.
The Grantor shall then award the concession to a new concessionaire selected through a tender process in
compliance with applicable legislation. Within six (6) months from the award of the concession, the Grantor
shall pay to Alis the sums paid by the new concessionaire to be awarded the concession, it being specified that
the amounts paid by the new concessionaire may not be inferior to the indemnity due to Alis if the tender
process is unsuccessful, as described below.
If the tender process is unsuccessful, the Grantor and Alis shall meet in order to determine the indemnity
amount due to Alis. Such indemnity shall be equal to 70% of the value of the Concession Agreement
evaluated over the remaining duration until the expiration date, as determined, if need be, by experts
appointed by the President of the competent administrative tribunal.
In such hypothesis, the Termination Tripartite Agreement provides for the apportionment between the Grantor
and the French local public entities of the sums due to Alis and provides that the Grantor and the French local
public entities undertake to pay their share of such sums without delay and without any opposition right. In
case of failure by any local public entity to pay its share, the Grantor undertakes to make its best efforts so that
such public local entity proceeds with the payment without any undue delay.
Please note that should the bidders offer a price that does not cover the minimum termination compensation
due to Alis as mentioned above, the Grantor might consider that the tender process is unsuccessful and
therefore Alis would bear the risk of counterparty on the State and the French local public entities for the
payment of the full termination compensation amount.
Whether the tender process is successful or unsuccessful, the costs borne by the Grantor and associated with
retendering will be deducted from Alis' termination compensation, being specified that these costs are not
capped under the Concession Agreement.
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Force majeure and unforeseeable events (imprévision)
The Concession Agreement does not include any general provisions in connection with the occurrence of
force majeure events or unforeseeable events. Public law principles which gives Alis a certain protection from
the adverse consequences of force majeure events or unforeseeable events, shall nonetheless apply in the
silence of the Concession Agreement.
Force majeure events are defined as events out of the parties' control that are unforeseeable (imprévisible) and
unfailingly result in the impossibility to perform the Concession Agreement (irrésistible). In case where Alis
is affected by a force majeure event, Alis should be relieved from its obligations under the Concession
Agreement without penalty, albeit Alis should nonetheless make its best efforts to mitigate the adverse effects
of such force majeure event and therefore might assume additional costs. Alis should not in principle be
entitled to compensation of the decrease in its revenues and the increase in its costs. Nevertheless, precedents
indicate that, if the force majeure event significantly affects the financial balance of the Concession
Agreement, Alis could be entitled to an indemnity, especially if such event was subsequently to qualify as an
unforeseeable event.
Unforeseeable events that are out of the parties' control and that significantly affect the financial balance of
the Concession Agreement, without making the performance of the Concession Agreement impossible, would
constitute “unforeseeable events” (imprévision). In case of unforeseeable events, Alis should not be relieved
from its obligations under the Concession Agreement but should be entitled to partial compensation to the
extent that such compensation would be necessary to restore the financial balance of the Concession
Agreement.
The Concession Agreement may be terminated in cases where a continued state of force majeure makes
performance of the Concession Agreement impossible or where an unforeseeable event results in an
irremediable upheaval of the financial balance of the Concession Agreement (the latter being referred to as
“administrative force majeure”). In such case, Alis should in principle be entitled to compensation.
Based on certain precedents, this termination compensation should cover the net accounting value of the
returnable assets within the limit of the expenses considered as "useful" for the Grantor. Please note that the
notion of "useful" expenses is an imprecise concept and that French administrative case law does not establish
precisely the consequences of such termination cases. As far as force majeure events are concerned, there is a
risk that, in case the assets are partially or entirely damaged and such damage gives rise to a termination for
force majeure, the termination compensation could be low or even null.
Make-whole indemnification in case of early termination
There are reasons to believe that the make-whole could be seen as an “actual cost” or a “useful expense”
incurred by Alis and could consequently be taken into account in the cases where the early termination of the
Concession Agreement is attributable to general interest grounds or to force majeure or unforeseeable events.
However it cannot be relied on any precedents in relation to the specificities of the make-whole mechanism in
the context of a bond financing and a judge may rule otherwise in the future.
There are no obvious reasons pursuant to which the "actual costs" and the "useful expenses" should be limited
to the costs pertaining to the initial financing of the Concession and therefore the refinancing costs should be
included as well. However, it cannot be relied on any precedents and a judge may rule otherwise in the future.
Early termination indemnification netting
Upon termination of the Concession Agreement, whatever the grounds for termination, the Grantor may claim
from Alis the payment of all sums which are due to it under the Concession Agreement, including, if any,
financial penalties incurred and unpaid and costs of rehabilitation works necessary as a result of Alis failing to
maintain the concession assets to be reverted to the Grantor in a good condition of maintenance.
Such amounts, which are not always capped, may be deducted by the Grantor from the termination
compensation which is owed by the Grantor to Alis pursuant to the Concession Agreement or the general
principles of French administrative law depending on the case. In this event, the sums received by Alis
following the application of the relevant deduction could be substantially lower than the minimum termination
compensation contemplated by Alis.
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Early termination indemnification related security
The description of the security taken on the compensation amounts is set out in “Description of Principal
Transaction Documents - Security Arrangements - French Security Documents”.
Dispute resolution
All disputes between the Grantor and Alis must be submitted to the competent administrative court in France.
Shareholders' Transfer Restriction
The Original Shareholders of Alis may transfer their shares in Alis subject to prior information of the Grantor
with at least one-month notice. The Grantor may, within one month, oppose to such transfer if it considers that
it is likely to affect the ability of Alis to ensure the continuity of the public service and to guarantee the equal
treatment of users with regard to that service.
The Original Shareholders of Alis and their affiliates may, subject to prior information of the Grantor with at
least one-month notice, grant a pledge on its shares for the purpose of the financing of the Motorway. The
beneficiaries of the pledge, if they enforce the security, may transfer the shares of Alis subject to prior
information of the Grantor with at least one-month prior notice. The Grantor may, within one-month, oppose
to such transfer if it considers that it is likely to affect the ability of Alis to ensure the continuity of the public
service and guarantee the equal treatment for users with regard to that service.
Termination Tripartite Agreement
The Termination Tripartite Agreement provides for the apportionment between the Grantor and the French
Local Governments of the payment of compensation and indemnities to Alis in certain hypothesis where the
Concession Agreement is terminated pursuant to Alis' gross negligence (see above).
Apportionment
The amounts to be borne by the Grantor and the French Local Governments shall be apportioned as follows:
Grantor
50 per cent.
Région Haute-Normandie
13.75 per cent.
Région Basse-Normandie
14.0625 per cent.
Département de l'Eure
13.75 per cent.
Département de l'Orne
8.4375 per cent.
As soon as this amount is determined, either through negotiation or by the administrative judge, the Grantor
shall notify the French Local Authorities who undertake to immediately contribute their prorata share of the
compensation.
No interest is due to Alis in case of late payment of the compensation due by the grantor and the local
authorities.
In case of failure by any local public entity to pay its share, the Grantor undertakes to make its best efforts so
that such public local entity proceeds with the payment without any undue delay.
Tripartite Toll Sharing Collection Agreement
Alis, ASF and COFIROUTE entered into a Tripartite Toll Sharing Collection Agreement on 20 February
2006.
The Tripartite Toll Sharing Collection Agreement organizes the collection and the sharing between the parties
of the toll fees collected on the interconnected motorways network (i.e.: part of the motorway network where
a user necessarily uses motorway roads belonging to at least two different concession perimeters). Under the
Tripartite Toll Sharing Collection Agreement, each party must collect toll fees on the section of the
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interconnected motorway belonging to its concession perimeter and reallocate to the relevant
concessionaire(s) the due proportion of the toll fees reverting to them.
The toll fees collected are shared pursuant to sharing principles provided under the Tripartite Toll Sharing
Collection Agreement, it being specified that no specific remuneration is due to the parties under the Tripartite
Toll Sharing Collection Agreement. A joint committee of the different parties (commission mixte) composed
of representatives of each party is in charge of controlling the accuracy of the sharing of collected tolls. A
plenary committee (commission plénière) composed of the directors of operation of each party involved must
regularly audit the implementation of the Tripartite Toll Sharing Collection Agreement. The toll fee collection
and sharing process is subject to both an internal control by each party and a global common external audit.
The Tripartite Toll Sharing Collection Agreement also sets up cooperation between the parties, in particular
regarding information sharing and claims management.
The Tripartite Toll Sharing Collection Agreement, whose initial term was 5 years from the actual junction
date of the different motorways network, is tacitly renewable for the same duration of 5 years and will expire
at the latest at the date of expiration of the concessions granted individually to Alis, ASF and COFIROUTE.
Alicorne Toll Sharing Collection Agreement
The Issuer entered with motorway concessionaire Alicorne into the Alicorne Toll Sharing Collection
Agreement. The Alicorne Toll Sharing Collection Agreement provides that the Issuer must collect tolls due to
Alicorne and receives payments from Alicorne for the services it provides. Under the Alicorne Toll Sharing
Collection Agreement, the Issuer was under the obligation to set up a financial guarantee for an amount of
EUR 400,000 as from the notification by Alicorne to the Issuer of the final commissioning of the A88
motorway.
Construction Contract
The Construction Contract provided for the design and construction of the Rouen-Alençon section of the A28
toll motorway (the "Motorway") (including the procurement and installation of the traffic control system and
the related operating equipment) the scope of which corresponds to the works of phase 1 of the Concession
Agreement and to the works of phase 2 of the Concession Agreement relating to the section Alençon – Sées2
(the "Works").
Works implemented under the Construction Contract were taken over on 26 October 2005. As a consequence,
the decennial guarantee (garantie décennale) has now expired.
Defects in the structure of the Motorway were discovered in 2010, following which Alis and the Heavy
Maintenance Contractor found an agreement for remedying the defects and entered into a Heavy Maintenance
Contract on 19 July 2013. The Grantor did not impose any sanctions or penalties on Alis and defects have now
been remedied. Please refer to Sections Heavy Maintenance Contract and Heavy Maintenance Interface
Agreement below.
O&M Contract
Alis entered into the O&M Contract in order to grant to the O&M Operator the performance of the day-to-day
operation of the Motorway (including operation of the toll collection system, on-site safety and traffic
management, 24 hours a day and 365 days a year operation of the MTMC, winter services inspection and
routine maintenance services in the respect of the Motorway) ("Base Services") and certain non-recurring
activities that can be required on a case-by-case basis by Alis ("Optional Services") (together the "Services").
In so far as they fall with the scope of the Services, the O&M Operator's obligations mirror those of Alis under
the Concession Agreement.
The O&M Contract has been modified by six amendment agreements (amendment 1 dated 1 July 2003,
amendment 2 dated 18 October 2004, amendment 3 dated 16 January 2006, amendment 4 dated 10 October
2006, amendment 5 dated 19 July 2013, and amendment 6 dated 2 October 2013).
Contract Period
2
Note to Alis: Please confirm you agree with the description of the scope.
43
The O&M Contract shall enter into force on its date of signing and expire upon the expiration of the
Concession Agreement unless it is terminated in accordance with the relevant provisions of this O&M
Contract. The parties shall undertake in good faith a joint review of the terms of the O&M Contract on the
basis of market values for a number of specified elements at "Review Dates", the first of which shall fall in
October 2020 and thereafter every 8 years. The O&M Contract may be terminated subject to a 6-month notice
by either party in the event where they cannot reach agreement as to the terms for continuation of the O&M
Contract.
Back-to-back principle and claims against the Grantor
The O&M Contract has been drafted on the basis of the back-to-back principle. As a consequence, Alis'
obligations under the Concession Agreement in respect of the Services are passed down to the O&M
Operator, and the O&M Operator shall be entitled to the same relief, remedies and rights to receive
compensation, as Alis is under the Concession Agreement.
In the event of claims against the Grantor, Alis and the O&M Operator shall fully co-operate and, subject to
the foregoing, all the rights granted to Alis against the Grantor will benefit in the same way to the O&M
Operator against Alis.
However, the back-to-back principle does not apply when the O&M Operator is prevented from performing its
obligations as a result of a breach of its obligations by Alis.
The O&M Contract also provides for operation relief events which are not consistent with the Concession
Agreement. However, any claim based on the occurrence of an operation relief event under the O&M Contract
should be subject to the back-to-back principle.
The O&M Contract does not expressly provide that the O&M Operator is entitled to suspend its performance
of the Services in the event where Alis does not pay any amount due to the O&M Operator, but the O&M
Operator may terminate the O&M Contract in case of non-payment of more than 30 days.
O&M Operator's Obligations
The O&M Operator shall provide the Base Services and perform its obligations in accordance with the
provisions of the O&M Contract, the Concession Agreement and what should be expected from a normally
diligent French operator of a toll road. Alis and the O&M Operator may agree on the supply of additional
services by the O&M Operator not included in the Base Services or the Optional Services ("Additional
Services").
Alis' Obligations
Alis shall remain liable for the very existence of the Motorway. Alis shall grant the O&M Operator access to
any part of the Motorway. Alis shall also provide the O&M Operator with any information related to the
O&M Operator's obligations under the O&M Contract that the O&M Operator cannot otherwise obtain, as
well as the result of any traffic or market surveys that have been undertaken by Alis. Alis shall procure the
completion of the design of the Motorway and the operating buildings and installations as well as the fixed
operating equipment in accordance with functional specifications developed by the O&M Operator and
attached to the O&M Contract. Alis shall be responsible for the procuring and renewing all authorisations and
licences required for the operation and maintenance of the Motorway. Alis shall pay all taxes in respect of the
Motorway or equipments of Alis. Alis shall pay the remuneration of the O&M Operator in accordance with
the O&M Contract. Alis shall be responsible for the renewal and heavy maintenance of the Motorway. Alis
shall be responsible for determining the toll rates in accordance with the provisions of the Concession
Agreement and applicable regulation, and shall notify the O&M Operator in writing of any new toll rates.
Variations
The Services are deemed to be varied at any time if their performance becomes more onerous as a
consequence of:
(a)
an act, omission or delay of the Grantor, the Contractor or Alis;
44
(b)
variation of any aspect of the Services, level of Services, key assumptions of the O&M Operator after
the O&M Contract has entered into;
(c)
change in applicable law after the O&M Contract is entered into; and/or
(d)
an event or circumstances outside the O&M Operator's control, and the occurrence of which was not
foreseeable at the date the O&M Contract was entered into, which would materially and adversely
affect the costs of the O&M Operator.
In the event the variation is attributable to Alis, the parties undertake to agree, in good faith, amendments to
the O&M Contract and more specifically adjust the O&M Operator's fees to accommodate the increase in
costs, plus a reasonable margin.
In the event the variation is not attributable to Alis, application of the back-to-back principle for a claim for
compensation from the Grantor (if possible). Otherwise (provided that the variation materially affects the
costs of the O&M Operator without giving rise to the application of the back-to-back principle), the parties
undertake to agree, in good faith, amendments to the O&M Contract and adjust the O&M Operator's fees to
accommodate the increase in costs. The O&M Operator covenants to limit the fee adjustments to the strict
minimum on the basis of fully justified cost variations.
There is no specific sanction if the parties cannot reach an agreement to adjust the O&M Operators fees. In
such instance, the disputes settlement procedure provided for by the O&M Contract shall apply.
Price of the O&M Contract and payments
The O&M Operator's fees are paid by reference to a pre-agreed payment schedule. Base Services are
performed for a global fixed yearly price of EUR 5,257,042 until full payment of SAPN under the SAPN
Agreement (i.e. until 2028); and EUR 5,335,716 after full payment of SAPN. Such amount can be increased in
case the traffic is beyond a certain threshold. Should the O&M Operator be asked to perform certain additional
obligations or beyond the initially agreed scope of the Base Services, the O&M Operator would be entitled to
additional remuneration (cost incurred + margin of 10%). The prices for Optional Services and Additional
Services shall be fixed on a case-by-case basis.
The O&M Operator shall issue monthly invoices paid by Alis within 15 days from their date of receipt.
Default interest shall be payable to the O&M Operator, with default interest fixed at a yearly rate of
EURIBOR 3 months + 6%.
Penalties
The O&M Operator shall be liable to pay penalties to Alis in the following circumstances:
(a)
non-performance of certain Services (costs incurred by Alis in case of O&M Operator's default, and, on
a back-to-back basis, if any, penalties applied by the Grantor under the Concession Agreement (€3,800
per day), up to a maximum of €14,403 per day);
(b)
traffic interruption attributable to the O&M Operator (on a back-to-back basis, €19,000 per day capped
at €600,000 per year of operation);
(c)
non-collection of toll (from €900 to €14,403 per day); and
(d)
failure to perform at a level of service (€4,320 per failure, capped at €14,403 per day and €1,314,261 for
every ten year period).
Some penalties, but not all of them, may be set-off against the remuneration due by Alis to the O&M
Operator.
Termination
The O&M Contract may be terminated in the following circumstances:
45
(a)
termination of the Concession Agreement, the buy-back of the Motorway by the Grantor or termination
of the Concession Agreement on grounds other than a breach by Alis (expropriation, nationalisation); in
such case, the O&M contract would be automatically terminated
(b)
termination by Alis: (i) in the event of a material breach by the O&M Operator of its obligations; (ii) the
winding-up of the O&M Operator; (iii) where the O&M Operator's liability limit has been reached; or
(iv) where the Grantor has given Alis a notice to cure a breach arising from the O&M Operator's breach
and the latter has not remedied such breach;
(c)
termination by the O&M Operator: (i) in the event of a material breach by Alis of its obligations; (ii) the
winding-up of Alis; or (iii) where Alis has defaulted on its obligation to make payment of the O&M
Operator's fees;
(d)
termination by either party where, on a Review Date, the parties fail to reach an agreement on the
continuation of this O&M Contract;
(e)
termination by either party in case of a continuing force majeure event, defined as (i) a force majeure
event impeding the performance of the O&M Contract for 6 months over a period of 24 consecutive
months; or (ii) a force majeure event impeding the performance of the O&M Contract for 45
consecutive days, if it is clearly demonstrated that the performance of the O&M Contract will not be
resumed before 6 months; or
(f)
termination by the O&M Operator due to a suspension of the operation.
The O&M Contract provides for the financial consequences of such termination, which can be described as
follows:

in case of termination of the Concession Agreement "for a reason non directly attributable to a serious
default" (faute grave) of the O&M Operator, the O&M Operator is entitled to receive compensation
including amounts due and unpaid, duly justified demobilization costs, and, specifically in case of
termination following the exercise of the buy-back option by the Grantor or for any other reason non
attributable to Alis, the O&M Operator is in addition entitled to EUR 4,380,868 for loss of profits;

in case of termination of the Concession Agreement for default of the O&M Operator, the O&M
Operator shall pay a final and lump-sum fixed amount to Alis;

in case of termination for a default of the O&M Operator without termination of the Concession
Agreement, the O&M Operator shall pay the costs incurred by Alis as a result of such termination,
including, on a back-to-back basis, the penalties paid to the Grantor and the costs in respect of the
replacement of the O&M Operator by a new O&M Operator (including, but not limited to, the tender
costs and the potential increase of the O&M costs under the new O&M contract);

in case of termination for Alis' default, the O&M Operator is entitled to receive compensation including
amounts due and unpaid, duly justified demobilization costs and EUR 5,257,042 for loss of profits;

in case of termination following the failure to find an agreement for continuation of the O&M Contract
on a review date, the O&M Operator is entitled to receive compensation including amounts due and
unpaid, duly justified demobilization costs and an amount between EUR 2,628,521 and EUR 876,174
for loss of profits;

in case of termination due to the suspension of the operation by Alis, the O&M Operator is entitled to
receive compensation including amounts due and unpaid, duly justified demobilization costs and EUR
4,380,868 for loss of profits, it being specified that such compensation for loss of profits is subject to (i)
the back-to-back principle in case the suspension is due to a reason attributable to the Grantor and (ii)
the prior payment of all sums due under debt instruments if the suspension was requested by the
Controlling Creditor or Allis Finance or was due to a critical event beyond the control of the parties
other than a force majeure event;

in case of termination following the occurrence of a force majeure event, the O&M Operator is entitled
to receive compensation including amounts due and unpaid, duly justified demobilization costs and the
46
corresponding amount resulting from the compensation paid by the Grantor under the Concession
Agreement.
Limitation of Liability
The overall liability of the O&M Operator under the O&M Contract including any liability to pay penalties,
may in no circumstances exceed an amount of €2,628,521 per 10 years, provided that in case Alis notifies the
O&M Operator of its intention to terminate the O&M Contract this cap having been reached, the O&M
Operator may propose to increase the cap by an additional amount of €2,628,521.
This liability cap does not apply if such liability caps are expressly prohibited by a law of public order.
The O&M Operator shall not be liable for loss of revenues and loss of profits, any indirect damage or loss, and
any repayment of any sum or any financial fees due by Alis under the debt instruments.
Assignment and Subcontracting
The O&M Operator shall not assign, pledge or transfer all or part of the O&M Contract nor subcontract any
Services in an amount exceeding €2,102,817 without Alis' written approval, which shall not be unreasonably
withheld.
Insurances
Alis undertakes to take out insurances covering all operation and maintenance risks, it being specified that the
O&M Operator shall pay any insurance deductible in case of damages attributable to the O&M Operator, in
proportion of its share of responsibility and up to the caps mentioned above. The O&M Operator shall take out
(or ensure that its subcontractors take out) insurances covering its personnel's social benefits and their injury
and insurances covering risks in respect of its vehicles and equipment.
SAPN Agreement
ALIS entered into an agreement with SAPN on 19 June 2001 in order to compensate SAPN - the company
designated as preferred bidder under the initial tender procedure pertaining to the Motorway concession - for
costs incurred before the Grantor's decision to launch a new tender process and to grant the project to ALIS
(the “SAPN Agreement”). ALIS must reimburse SAPN the sum of EUR 25,705,000 (excluding VAT)
through (i) the payment by ALIS to SAPN of an amount in cash equal to EUR 4,574,000 already paid at the
date of execution of the SAPN Agreement; (ii) provided that SAPN is involved in the operation of the
Motorway, the payment of an annual fee of EUR 228,673 (to be revised annually) until 2028; and (iii) the
payment of a sum equal to EUR 17,592,000 as of the commissioning date, it being specified that this amount
is considered as subordinated debt of ALIS (SAPN Tranche 1 Debt and SAPN Tranche 2 Debt). The SAPN
Agreement provides that SAPN agrees to contribute to the financing of ALIS for EUR 4,574,000. The SAPN
Agreement also provided the acquisition by SAPN of an equity interest in the O&M Operator. This SAPN
Agreement has been modified by two amendment agreements (amendment 1 dated 19 October 2001 and
amendment 2, which appear to have been signed on the same date as the O&M Contract).
Heavy Maintenance Contract
Following the discovery in 2010 of defects in the structure of the Motorway, Alis entered into a major
carriageway repair and maintenance performance contract on 19 July 2013 (the "Heavy Maintenance
Contract") for a period of 16 years (until 31 December 2028), with a temporary joint and several liability
company grouping composed of the companies initially in charge of the design and construction of the
motorway, i.e. (i) the GIE Constructeurs A28 and (ii) the temporary joint and several liability company
grouping composed of Le Foll Travaux Publics and Colas Grands Travaux (the "Heavy Maintenance
Contractor").
Under the Heavy Maintenance Contract, the Heavy Maintenance Contractor is responsible for carriageway
heavy maintenance works through two phases of carriageway resurfacing. In addition, the Heavy Maintenance
Contractor agrees to provide a performance guarantee for the works carried out in accordance with the Heavy
Maintenance Contract. Such performance guarantee has been issued in replacement of the legal 10-year
construction guarantee.
47
The Heavy Maintenance Contract constitutes a transaction between Alis and the Heavy Maintenance
Contractor in accordance with and with the effects of a transaction pursuant to articles 2044 et seq. of the
French Civil Code.
Heavy Maintenance Contractor's obligations under the Heavy Maintenance Contract
The Heavy Maintenance Contractor is responsible for carriageway heavy maintenance works, which are
divided in two phases of carriageway resurfacing (2013-2015 and 2021-2022). The Heavy Maintenance
Contract mentions that the Heavy Maintenance Contractor takes into account the constraints in relation to the
operation of the Motorway (in particular the execution of the works under traffic conditions and the
constraints in the operation of the road works and the safety of onsite personnel due to their proximity to the
Motorway and traffic).
Upon acceptance of the works, during a guarantee period of one year after the actual taking-over of each phase
of the works referred to in the Heavy Maintenance Agreement, the Heavy Maintenance Contractor must, at its
expense, (i) complete the remaining works and correct defects of conformity affecting the works listed in the
taking-over certificate and (ii) correct the defects of conformity affecting the works that appear after
acceptance of works.
The Heavy Maintenance Contractor shall also comply with the performance guarantee mentioned above,
which covers the whole carriageway structure above and not including the treated subgrade (and excluding the
so-called additional surface drainage).
Alis' obligations under the Heavy Maintenance Contract
Alis only has limited obligations under the Heavy Maintenance Contract, which include health and safety
obligations, coordination with the Grantor, providing full access to the Motorway for the execution of the
works, and payment of the price to the Heavy Maintenance Contractor.
In respect of administrative authorizations, both the Heavy Maintenance Contractor and Alis must obtain,
maintain and renew the administrative authorizations listed in appendix 5 of the Heavy Maintenance Contract
for which they are responsible. The Heavy Maintenance Contractor is responsible for preparing and
submitting to Alis the application files in order to obtain the administrative authorizations under Alis’s
responsibility.
Price of the Heavy Maintenance Contract
The Heavy Maintenance Contract price is a lump sum amount of €40,510,529.37 (value January 2011),
including a discount of 1.5%, split into €27,479,176.97 for the 1st phase; €12,865,789.40 for the 2nd phase;
€165,563 for additional works on the surface drainage which will be performed upon drainage test success
(conditional phase) and €450,000 for technical management. This price is indexed according to formulas and
provisions set out in the Heavy Maintenance Contract.
Penalties under the Heavy Maintenance Contract
The Heavy Maintenance Contractor is subject to penalties in respect of the implementation of the works as
well as the performance guarantee. During the performance guarantee period, if contractual performance
criteria are not met, Alis may indeed apply performance penalties (€40,000 per day). Alis may also apply
penalties for delay or non-availability of the motorway during the week-end (€1,000 per hour). Penalties are
capped at (i) 10% of the price for each section of the works for penalties applied to the works, and (ii) 10% of
the overall price of the Heavy Maintenance Contract for all penalties (including performance penalties).
Termination of the Heavy Maintenance Contract
Alis may terminate the Heavy Maintenance Contract in case of serious or repeated breach of its material
obligations by the Heavy Maintenance Contractor or if the penalties cap has been reached. In such instance,
the Heavy Maintenance Contractor shall compensate Alis of its actual, direct and certain prejudice, including
the costs incurred to replace the Heavy Maintenance Contractor and the difference in the contract price.
The Heavy Maintenance Contractor may terminate the Heavy Maintenance Contract in case of non-payment
of more than 60 days and in case of serious or repeated breach of its material obligations by Alis. The Heavy
48
Maintenance Contractor is in that case entitled to receive compensation including amounts due and unpaid,
engaged expenses, duly justified demobilization costs and loss of profits.
Liability cap under the Heavy Maintenance Contract
The liability of the Heavy Maintenance Contractor under the Heavy Maintenance Contract is capped to 25%
of the price of the Heavy Maintenance Contract.
The Heavy Maintenance Contract provides for some exclusions of liability, including any act, omission, fault
or negligence of the Grantor or Alis; the very existence of the Motorway or its operation, any pollution or
contamination of the ground not attributable to the Heavy Maintenance Contractor; damage or gross breach in
the operation of the Motorway; operation of the Motorway by the O&M Operator in accordance with the
O&M Contract; occupation of the Motorway by third parties; force majeure event; or failure to obtain or
suspension, withdrawal, repeal or cancellation of administrative authorizations not attributable to the Heavy
Maintenance Contractor.
In addition, the Heavy Maintenance Contractor shall not be liable for loss of revenues and loss of profits nor
any indirect damage or loss.
Bank guarantee under the Heavy Maintenance Contract
The Heavy Maintenance Contractor shall provide a joint and several bank guarantee to cover (i) the good
completion of the works and (ii) the payment of penalties, for an amount equal to 10% of the contract price.
Assignment and Subcontracting
The Heavy Maintenance Contractor shall not, except with prior written agreement from Alis, transfer all or
part of the Contract, any resulting obligation, nor any resulting privilege or right other than the set of bonds
granted to a third party for all sums due or which shall be due under the Contract. Alis shall also approve any
subcontract.
Insurances
The Heavy Maintenance Contractor shall take out a third party insurance policy.
Heavy Maintenance Interface Agreement
Alis, the Heavy Maintenance Contractor and the O&M Contractor entered into an interface agreement on 19
July 2013 (the "Heavy Maintenance Interface Agreement"). Such Heavy Maintenance Interface Agreement
constitutes appendix 20 of the O&M Contract (pursuant to amendment 5 of the O&M Contract), and appendix
14 of the Heavy Maintenance Contract.
The Heavy Maintenance Interface Agreement aims at managing the interfaces between Alis, the Heavy
Maintenance Contractor and the O&M Operator, by organizing the relationship between the parties (including
settlement of disputes) and determining the repartition and coordination of their obligations as regards the
performance of the O&M Contract, the Heavy Maintenance Contract and Alis' remaining obligations in
respect of heavy maintenance under the Concession Agreement.
Duration of the Heavy Maintenance Interface Agreement
The Heavy Maintenance Interface Agreement shall expire on the first of the following dates: (i) on normal or
early termination of the Heavy Maintenance Contract or the O&M Contract, or (ii) on early termination of the
Concession Agreement (subject to the remaining obligations under the Heavy Maintenance Interface
Agreement at such date).
Alis' remaining obligations
The Heavy Maintenance Interface Agreement expressly lists Alis' remaining obligations under the Concession
Agreement, which are not passed down to the Heavy Maintenance Contractor under the Heavy Maintenance
Contract and to the O&M Operator under the O&M Contract. Such obligations include, in particular, the
heavy maintenance and resurfacing of the Motorway other than that of the carriageways, i.e. permanent
carriageway markings and signposting, operations installations (tolls), civil engineering structures, operational
49
buildings, the repair of certain cracks and adjoining roadways outside the concession perimeter. Alis also
retains some information obligations under the Heavy Maintenance Interface Agreement.
Principles of coordination and cooperation
Under the Heavy Maintenance Interface Agreement, the parties undertake to cooperate in the performance of
their respective obligations and not to impede on one another. Each party has a duty to alert the other parties
of any circumstances having a potential impact on the performance of the Heavy Maintenance Contract, the
O&M Contract or the Concession Agreement.
Each party also commits to make its best efforts and diligence to limit the consequences (particularly
regarding costs) of any delay or failure in the performance of their obligations by the other parties.
The EPC Operator and the O&M Contractor shall not circumvent their obligations or back out from their
responsibilities pursuant to the Heavy Maintenance Contract and the O&M Contract (respectively) on the
ground of the existence or inefficiency of the settlement of disputes procedures under the Heavy Maintenance
Interface Agreement.
Modalities of coordination and cooperation
The Heavy Maintenance Interface Agreement establishes a coordination committee (the "Coordination
Committee") in order to manage the interfaces and ensure the proper performance of the works and services
undertaken by the parties. Such Coordination Committee shall meet on a regular basis throughout the duration
of the Heavy Maintenance Interface Agreement and upon request of either party.
The Heavy Maintenance Interface Agreement also provides the conditions under which the O&M Operator
and the Heavy Maintenance Contractor have access to the Motorway for the performance of their obligations;
the arrangements between the parties during the heavy maintenance works and for so long as the performance
guarantee granted by the Heavy Maintenance Contractor is in effect (with regular construction site visits); the
modalities of the acceptance of the heavy maintenance works, pursuant to which the O&M Contractor can
make observations (it being specified that upon acceptance of the works, the O&M Contractor expressly
waives its right to invoke any defect that was apparent during the acceptance proceedings but not notified by
the O&M Contractor at such time); the coordination between the parties in case of late handover of works or
intervention zones; or their cooperation in respect of operation and user manuals.
Disputes settlement under the Heavy Maintenance Interface Agreement
The Heavy Maintenance Interface Agreement establishes an interface dispute arbitration committee (the
"Interface Dispute Arbitration Committee") to settle disputes the parties fail to end by mutual agreement,
without prejudice to the right of the parties to bring the matter before the Paris administrative court.
Liabilities under the Heavy Maintenance Interface Agreement
The Heavy Maintenance Interface Agreement does not provide for any additional liability of Alis with respect
to the Heavy Maintenance Contractor and the O&M Operator, nor of the Heavy Maintenance Contractor with
respect to Alis, nor the O&M Operator with respect to Alis.
Any damages that the Heavy Maintenance Contractor and the O&M Operator may have to pay each other
under the Heavy Maintenance Interface Agreement are included in their respective liability caps provided for
under the Heavy Maintenance Contract and the O&M Contract (respectively). Any payment made under the
Heavy Maintenance Interface Agreement shall as a result be deducted from these caps.
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DESCRIPTION OF THE FINANCE DOCUMENTS
INTERCREDITOR AGREEMENT
The Issuer, the Intercreditor Agent, the Fiscal Agent, the Security Agent, the Paying Agent, the Calculation
Agent, the A1 Bondholders’ Representative, the A2 Bondholders’ Representative, the Joint Lead Managers
and the Junior Creditors have entered into a French law governed Intercreditor Agreement.
The Intercreditor Agreement, among other things, governs the relationship and rights and obligations among
the Shareholders and SAPN (the “Junior Creditors”) and the Senior Creditors (being in particular, the A1
and A2 Bonds Creditors) (the “Secured Creditors”), including, without limitation, the ranking of their claims
against the Issuer, the enforcement of the Security and the turnover of proceeds received by the Junior
Creditors or the Secured Creditors and application of such proceeds and proceeds from an enforcement of the
Security by the Security Agent.
Subordination
The Intercreditor Agreement provides that all sums owed by way of Senior Debt shall be paid and/or repaid to
the Senior Creditors in full and with priority, preference and precedence over the sums owed to the the Junior
Creditors by way of Junior Debts.
So long as any of the Senior Debts are outstanding, the Junior Creditors shall not, unless expressly permitted
under the Transaction Documents (and, in relation to payments, in accordance with the applicable Waterfall)
or otherwise with the prior consent of the Intercreditor Agent (acting on the instructions of the Instructing
Creditors (as defined below)) (i) demand or receive payment, repayment or prepayment of, or make any
distribution in respect of, any Junior Debt (including by way of set-off), (ii) exercise or seek to exercise any
rights, actions or remedies with respect to any Junior Debt (including any acceleration or enforcement action
in relation to any Transaction Security Documents), (iii) initiate or pursue any amicable proceedings or
insolvency proceedings against the Issuer or (iv) create or permit to subsist or receive any security or any
proceeds of security.
The Intercreditor Agreement provides that the Issuer shall be authorized to make payments to:
-
SAPN , in compliance with the Subordinated Waterfall;
-
the Shareholders to the extent it is a Permitted Junior Distribution; and
any Junior Creditors for the reimbursement at any time of the costs incurred by the relevant Junior
Creditor for the provision of staff and human resources to the Issuer as well as the payment on arms' length
terms for services supplied to the Issuer by any such Junior Creditor (such payments being made pursuant to
item (2) of the Operating Account Waterfall).
Clawback provisions
The Intercreditor Agreement includes clawback provisions vis-à-vis the Junior Creditors benefiting to the
Senior Creditors, applying further to the instigation of any Insolvency Proceedings against the Issuer.
Furthermore the Intercreditor agreement provides that the clawback provisions survive after the Senior
Discharge Date.
Deferred Payments
If, on any Bonds Payment Date (and notwithstanding any provision to the contrary of any Junior Debt) any of
the conditions required to make a Permitted Junior Distribution is not satisfied or if each of the conditions is
satisfied but the amounts standing to the credit of the Subordinated Payments Account are not sufficient to
make the relevant Permitted Junior Distribution, then the amount of any Junior Debt which is expressed to be
due and payable pursuant to the relevant Subordinated Finance Documents but which are not capable of being
paid by the Issuer by virtue of this paragraph being applicable, any such unpaid amounts will be automatically
51
deferred and will become payable (exigible) on the next Bonds Payment Date (and, as the case may be, up
until the final maturity date of the relevant Junior Debt) on which this paragraph ceases to apply.
Waterfalls
All proceeds received from the issuance of the A Bonds shall be credited to the Operating Account and used
on or about the Issue Date in accordance with the contemplated use of proceeds in the relevant Terms and
Conditions.
Operating Account Waterfall
As from the Issue Date and following the use of proceeds of the issuance of the Bonds as contemplated in the
paragraph “Waterfalls” above, but prior to the sending of an Enforcement Instruction Notice, the balance of
the Operating Account, but prior to the sending of an Enforcement Instruction Notice, shall be allocated on
each Bonds Payment Date (or, in relation to items (1), (2) and (6) below, on the date on which the relevant
amount becomes due and payable, according to the following order of priority:
1. first, to pay, the fees of the Agents and the Bondholders' Representative(s);
2. second, to pay the operating costs and, in respect of Lifecycle Costs only, to the extent not paid out of the
Major Maintenance Reserve Account
3. third, to fund the Grantor Penalty Account;
4. fourth, to pay the interest, fees, costs and expenses due and payable in respect of the A Bonds (on a prorata and pari passu basis between the A1 Bondholders and the A2 Bondholders);
5. fifth, on a pro-rata and pari passu basis, (i) to repay the scheduled principal amount due and payable under
the A Bonds and (ii) to fund the A2 Bonds Redemption Reserve Account up to the A2 Bonds Redemption
Reserve Amount;
6. sixth, to pay any mandatory redemption amount in respect of the A Bonds (including as a result of an
Event of Default) on a pro-rata and pari passu basis;
7. seventh, to fund the Major Maintenance Reserve Account, such that the account's balance meets the Major
Maintenance Required Reserve Amount;
8. eighth, to fund the A Bonds Debt Service Reserve Account, such that the account's minimum balance
meets the A Bonds DSRA Required Amount;
9. ninth, to pay any other sum due and payable in respect of any Permitted Financial Indebtedness (other
than that arising from the Transaction Documents);
10. tenth to fund the Major Maintenance Reserve Account in excess of the required balance of the Major
Maintenance Reserve Required Amount;
11. eleventh, to pay any voluntary prepayment in respect of the A Bonds; and
12. twelfth, subject to the satisfaction of the Subordinated Distribution Conditions, the balance of the
Operating Account may be transferred to the Subordinated Payments Account.
Subordinated Waterfall
The balance of the Subordinated Payments Account shall, prior to the sending of an Enforcement Instruction
Notice, be allocated according to the following order of priority:
1.
first, provided such payment is a Permitted Junior Distribution, on a pro-rata and on a pari passu basis:
(A)
payment of principal and interest in respect of the SAPN Tranche 2 Debt in accordance with the
SAPN Agreement up to the lesser of (i) the scheduled principal and interest due and payable on such date and
(ii) an amount equal to (x) the balance standing to the credit of the Subordinated Payments Account multiplied
by (y) the quotient between the outstanding SAPN Tranche 2 Debt and the sum of the outstanding SAPN
Tranche 2 Debt and the outstanding Shareholders Loans;
52
(B)
payment of principal and interest in respect of the Shareholders Loans up to an amount equal to (x)
the balance standing to the credit of the Subordinated Payments Account multiplied by (y) the quotient
between the outstanding Shareholders Loans and the sum of the outstanding SAPN Tranche 2 Debt and the
outstanding Shareholders' Loans;
2. second, provided such payment is a Permitted Junior Distribution, to pay any outstanding principal and
interest in respect of the Shareholders Loans;
3. third, provided such payment is a Permitted Junior Distribution, to pay dividends to the Shareholders; and
4. fourth, any other form of distribution permitted under the Finance Documents as well as any purchase and
cancellation by the Issuer of any A Bond.
Voting
The Intercreditor Agreement provides that if further to the onset of any Insolvency Proceedings against the
Issuer, such Junior Creditor is requested to vote in such Insolvency Proceedings of the Issuer, it shall express
such vote in accordance with the instructions received by it to this effect from the Intercreditor Agent.
If as a matter of French law, such voting instructions would not be enforceable in the reasonable opinion of
the Intercreditor Agent, then each Junior Creditor agrees, following the onset of any Insolvency Proceeding
against the Issuer, to convert its Junior Debt into bonds to the extent such bonds would represent less than or
equal to 33% of the voting rights of all bondholders of the Issuer (or Shares in the Issuer to the extent such
bonds exceed 33% of the voting rights of all bondholders) as soon as required by the Intercreditor Agent.
Furthermore and except with the prior consent of the Intercreditor Agent (acting on the instructions of each
Bondholders' Representative), the Junior Creditors have the undertaking not to acquire any A Bonds nor
instruct any of their Affiliates (or otherwise act in concert with such Affiliate) for the purpose of the
acquisition of any A Bonds by such Affiliate.
Appointment of the Intercreditor Agent and the Security Agent
The Intercreditor Agreement provides for the appointment of the Intercreditor Agent and the Security Agent
as agents of respectively the Senior Creditors and the Secured Creditors and contains detailed provisions
setting out the rights and obligations of the Intercreditor Agent and the Security Agent, including but not
limited to, provisions excluding them from liabilities which they may incur in acting as Intercreditor Agent
and/or Security Agent. The Intercreditor Agreement also contains provisions in respect of the resignation or
replacement of the Intercreditor Agent and of the Security Agent.
Under the Intercreditor Agreement, each Secured Creditor (other than the Security Agent) confirms its
approval of each Transaction Security Document and authorizes the Security Agent to enter into and enforce
the Transaction Security Documents on its behalf in accordance with the Intercreditor Agreement.
Junior Creditors transfer restrictions
The Intercreditor Agreement includes some restrictions on the transfer of shares and shareholders loans by the
Junior Creditors.
Security – enforcement procedure
The Intercreditor Agreement provides that the Security Agent or the Intercreditor Agent (as the case may be)
shall only take action (or refrain from acting) in respect of the enforcement of the Transaction Security in
accordance with the instructions of the Instructing Creditors (as defined below).
At any time after the approval of an Enforcement Instruction Notice in accordance with the procedure
provided for in the Intercreditor Agreement, the Security Agent or the Intercreditor Agent (as the case may be)
shall take the measures which appear necessary to it to make any Transaction Security enforceable against
third parties or to enforce any Transaction Security in accordance with the terms of the relevant Transaction
Security Documents and in accordance with the instructions of the Instructing Creditors.
53
The Intercreditor Agreement prohibits any separate action of any Senior Creditor, except that a Bondholders’
Representative may exercise any recourse seeking to recover the amounts owed to the A Bondholders by the
Issuer or instigate or take part in any litigation against the Issuer before any court or any arbitral tribunal
whatsoever in order to recover any amount which is owed to it but unpaid if (i) over the course of a reasonable
period of time (which may however in no circumstances exceed thirty (30) days) from the date of receipt by
the Security Agent of instructions from the Instructing Creditors in accordance with the Intercreditor
Agreement, the Security Agent has not instigated proceedings in order to preserve the rights of the Senior
Creditors in accordance with the Finance Documents, (ii) such Bondholders’ Representative has served on the
other Bondholders’ Representative prior written notice of its intention to instigate or take part in such
litigation and (iii) the other Bondholders’ Representative had a reasonable opportunity from the date of receipt
of such notice to intervene in such litigation.
Application of proceeds from the enforcement of Security Interests
Subject to the Reserved Security Interests, all of the sums held or received by the Security Agent pursuant to
the net proceeds from the enforcement of the Transaction Security, shall be applied until the Senior Discharge
Date by the Security Agent in accordance with the following order of payments:
1.
first, on a pari passu and pro rata basis, to pay the fees, costs and expenses borne by the Security
Agent and payable pursuant to the Finance Documents for the purposes of the enforcement of the Transaction
Security Interests or the exercise of the rights and prerogatives of the Security Agent pursuant to the Finance
Documents;
2.
second, on a pari passu and pro rata basis, to pay, in each case the costs and expenses incurred by the
Senior Creditors pursuant to the Finance Documents for the purposes of the enforcement of the Transaction
Security;
3.
third, on a pari passu and pro rata basis, to pay the sums owed to the Security Agent (other than those
referred to in paragraph 1 above) and the Intercreditor Agent; and
4.
fourth, in payment to the Paying Agent for application towards the discharge of the Senior Debt in
accordance with the terms of the A Bond Finance Documents, on a pari passu and pro rata basis between the
A1 Bonds and the A2 Bonds.
By way of a derogation from the above provisions, any sum received by the Security Agent in the absence of
an Enforcement Instruction Notice, but following the service of a notice pursuant to the Project Pledge over
Receivables shall be applied to pay the Senior Debts owed and payable (including as the result of an early
redemption event under the relevant Terms and Conditions) to the relevant Senior Creditors who are the
beneficiaries of such Transaction Security in accordance with the order of payments set forth above.
Following the Senior Discharge Date, all recoveries received by the Issuer shall be applied by the Issuer in
payment to each Junior Creditor for application towards the discharge on a pro rata and pari passu basis of
any amount outstanding under the Junior Debt.
All of the sums held or received by the Security Agent or an individual Senior Creditor pursuant to the
provisions or following the enforcement of any A2 Bonds Security Document (the “Reserved Security
Interests”) shall bepaid to the Paying Agent for application exclusively towards the discharge of the A2
Bonds Liabilities in accordance with the terms of the Finance Documents.
Application between the Senior Creditors
The Intercreditor Agreement includes customary provisions on apportionment of amounts between the Senior
Creditors.
Amendment and waivers
The Intercreditor Agreement provides that the provisions of the Intercreditor Agreement may be modified
only with the prior written consent of all parties, provided that the consent of each Masse of Bondholders has
been obtained in accordance with the relevant Terms and Conditions.
54
General principle: subject to some restrictions (provided below), a Finance Document (other than the
Intercreditor Agreement) may be modified only in accordance with the instructions of the A Bondholders (in
accordance with the rule of quorum and majority set forth in the relevant Terms and Conditions) (the
“Instructing Creditors”).
Restrictions to the general principle:
The Junior Creditors and the Issuer may not amend the terms of the documentation relating to the Junior
Obligations without the prior written consent of the Bondholders’ Representative , unless such Amendment
does not adversely affect the rights or interest of each class of Bondholders and provided the Issuer has
notified each Bondholders’ Representative at least 15 Business Days before any proposed modification of the
documentation relating to the Junior Obligations.
Governing Law and jurisdiction
The Intercreditor Agreement is governed by French Law. The Commercial Court of Paris shall have
jurisdiction to settle any dispute arising out or in connection with the Intercreditor Agreement.
SECURITY DOCUMENTS
Shared Security Documents
Pledge over bank accounts
The pledge over bank accounts (nantissement, pursuant to article 2355 et seq. of the French Code Civil)
granted by Alis on all sums standing to the credit of the Alis Cash Accounts (other than, the Distribution
Shareholder Account and the Subordinated Payments Account) and undertaking to pledge the Operating
Transit 2 Account as soon as it is opened.
Securities account pledge
The securities account pledge (nantissement de comptes-titres, pursuant to article L. 211-20 et seq. of the
French Code Monétaire et Financier) granted by Alis over the Alis Securities Accounts opened in the books
of the Account Bank (other than the Distribution Shareholder Securities Account and the Subordinated
Payments Securities Account).
Shareholders securities account pledge
The shareholders securities account pledge (nantissement de comptes-titres, pursuant to article L. 211-20 et
seq. of the French Code Monétaire et Financier) granted by each Shareholder over its securities account
(excluding the cash account) opened in the books of Alis.
Shareholders receivables agreement
The pledge (nantissement, pursuant to article 2355 et seq. of the French Code Civil) by the Shareholders of
their Shareholders Loans’ claim against the Issuer (including the SAPN Tranche 1 Debt and SAPN Tranche
2).
Receivables pledge agreement
The pledge (nantissement, pursuant to article 2355 et seq. of the French Code Civil) over the rights of Alis:
-
over indemnities from the Grantor and French local governments including in the event of an early
termination or repurchase of the Concession Agreement.
-
of all insurance indemnities due to Alis by its insurance companies at each date on which an insurance
policy is entered into;
-
over all indemnities due to it by the Contractor (subject to specified rights of set-off) under the Heavy
Maintenance Agreement and of any performance bond/guarantee issued in favour of Alis under such
agreement; and
55
-
over amounts due to it by the O&M Operator (subject to specified rights of set-off) under the O&M
Agreement and of any performance bond/guarantee issued in favour of Alis under such agreement.
Reserved Security Documents
1.
A2 Bonds Security Documents
(1)
Pledge over A2 Bonds Redemption Reserve Account; and
-
Securities account pledge over the A2 Bonds Redemption Reserve Securities Account.
56
TERMS AND CONDITIONS OF THE A1 BONDS
TERMES ET CONDITIONS DES
OBLIGATIONS A1
TERMS AND CONDITIONS OF THE A1
BONDS (FREE TRANSLATION)
This is a free English translation, for information
purposes only, of the Terms and Conditions of the A1
Bonds in French; only the French version may be
relied upon as the binding version. The following is
the text of the terms and conditions that will apply to
the A1 Bonds (the “Conditions”). The A1 Bonds
constitute bonds (obligations) as defined under
French law.
L'émission en dehors de la République Française des
Obligations A1 senior amortissables assorties de
sûretés, à 2,485 %, arrivant à échéance en 2046, pour
un montant de 857.500.000 euros (les « Obligations
A1 ») d'Autoroute de Liaison Seine-Sarthe, société
anonyme immatriculée au Registre du commerce et
des sociétés de Bernay sous le numéro RCS
422 654 160 (l'« Émetteur » ou « Alis »), a été
autorisée en vertu d'une résolution du Conseil
d'administration de l'Émetteur adoptée le 27 juillet
2016 et d'une décision du Président-Directeur Général
de l'Émetteur datée du 28 juillet 2016.
The issuance outside the Republic of France of the
€857,500,000 2.485 per cent. senior secured
amortising A1 Bonds due 2046 (the “A1 Bonds”) of
Autoroute de Liaison Seine-Sarthe, a société
anonyme registered at the Registre du commerce et
des sociétés of Bernay under the number RCS
422 654 160 (the “Issuer” or “Alis”) has been
authorised pursuant to a resolution of the Conseil
d’administration (Board of Directors) of the Issuer
adopted on 27 July 2016 and a decision of the
Président - Directeur Général of the Issuer dated
28 July 2016.
En vertu d’un contrat de service financier (et ses
modifications et ajouts ultérieurs, le « Contrat de
Service Financier ») relatif aux Obligations A1 signé
le 5 août 2016 entre l'Émetteur et CACEIS Corporate
Trust en tant qu'agent financier et agent payeur
principal et les autres agents désignés dans le Contrat
de Service Financier, des stipulations relatives au
paiement du principal et des intérêts relatifs aux
Obligations A1 sont prévues. L'agent financier,
l'agent payeur et le cas échéant, l'agent de calcul en
fonction, sont respectivement dénommés ci-dessous
l'« Agent Financier », l'« Agent Payeur » (ledit
terme incluant l'Agent Financier) et l'« Agent de
Calcul ».
Under a fiscal agency agreement (as amended and
supplemented from time to time, the “Fiscal Agency
Agreement”) relating to the A1 Bonds entered into
on 5 August 2016 between the Issuer and CACEIS
Corporate Trust as fiscal agent and principal paying
agent and the other agents appointed therein,
provision is made for the payment of principal and
interest under the A1 Bonds. The fiscal agent, the
paying agent and the calculation agent for the time
being (where relevant) are referred to below
respectively as the “Fiscal Agent”, the “Paying
Agent” (such term including the Fiscal Agent) and
the “Calculation Agent”.
The Issuer will also issue, on the Issue Date,
€42,500,000
senior
secured
inflation-linked
A2 Bonds due 2032 (the “A2 Bonds”). Pursuant to an
intercreditor agreement dated 2 August 2016 between
the Issuer, the A1 Bondholders’ Representative, the
A2 Bondholders’ Representative, the Shareholders,
the Security Agent (as defined below) and the
Intercreditor Agent named therein, inter alia (the
“Intercreditor Agreement”), the claims of the
A Bondholders in respect of the A Bonds will rank in
priority to the claims of the Junior Creditors in
respect of the Junior Debt. The Issuer, the
A1 Bondholders’
Representative,
the
A2 Bondholders’ Representative, the Shareholders,
L'Émetteur émettra également, à la Date d'Émission,
des Obligations A2 senior indexées sur l'inflation
assorties de sûretés, arrivant à échéance en 2032 pour
un montant de 42.500.000 euros (les « Obligations
A2 »). En vertu d'une convention intercréanciers
datée du 2 août 2016 entre l'Émetteur, le Représentant
de la Masse des Obligataires A1, le Représentant de
la Masse des Obligataires A2, les Actionnaires,
l'Agent des Sûretés (tel que défini ci-dessous) et
l'Agent Intercréanciers désignés dans les présentes,
entre autres (la « Convention Intercréanciers »), les
créances des Obligataires A relatives aux Obligations
A auront priorité sur les créances des Créanciers
57
Junior relatives à la Dette Junior. L’Émetteur, le
Représentant de la Masse des Obligataires A1, le
Représentant de la Masse des Obligataires A2, les
Actionnaires, l'Agent des Sûretés et l'Agent
Intercréanciers, entre autres, ont également conclu le
2 août 2016 un contrat-cadre de définitions (le
« Contrat-Cadre de Définitions »).
the Security Agent and the Intercreditor Agent, inter
alia, have also entered on 2 August 2016 into a
master definitions agreement (the “Master
Definitions Agreement”)
The payment of all amounts owing in respect of the
A1 Bonds and the A2 Bonds has been or will be
secured pursuant to the Transaction Security
Documents, in respect of which ÆTHER Financial
Services will act as security agent (agent des sûretés)
pursuant to article 2328-1 of the French Code civil
(the “Security Agent”).
Le paiement de tous les montants exigibles au titre
des Obligations A1 et des Obligations A2 est, ou sera
assorti de sûretés conformément aux Documents de
Sûretés de l'Opération, pour lesquels ÆTHER
Financial Services officiera en tant qu'agent des
sûretés conformément à l'article 2328-1 du Code civil The statements in these Conditions may include
summaries of, and are subject to, the detailed
(l'« Agent des Sûretés »).
provisions of, and definitions in the Finance
Les stipulations des présentes Conditions peuvent Documents. Copies of the Finance Documents
comprendre des résumés des stipulations et des (including the Intercreditor Agreement) are available
définitions prévues par les Documents de for inspection by prior appointment during normal
Financement, et sont soumises aux stipulations et business hours by the A1 Bondholders, the
définitions détaillées prévues dans lesdits Documents A1 Bondholders’ Representative and the Security
de Financement. Des copies des Documents de Agent at the registered office of the Fiscal Agent. The
Financement (incluant la Convention Intercréanciers) A1 Bondholders, the A1 Bondholders’ Representative
peuvent être consultées sur rendez-vous pendant les and the Security Agent are entitled to the benefit of,
heures d'ouverture par les Obligataires A1, le are bound by, and are deemed to have notice of, all
Représentant de la Masse des Obligataires A1 et the provisions of the Finance Documents applicable
l'Agent des Sûretés au siège social de l'Agent to them. In particular, upon subscription, purchase or
Financier. Les Obligataires A1, le Représentant de la holding of any A1 Bond, any A1 Bondholder shall
Masse des Obligataires A1 et l'Agent des Sûretés automatically and without any formalities (de plein
bénéficient de l'ensemble des stipulations des droit) be bound by and benefit from the provisions of
Documents de Financement qui leurs sont the Intercreditor Agreement and the Master
applicables ; ils sont également tenus de respecter Definitions Agreement.
lesdites stipulations et sont réputés en avoir pris
connaissance. Plus précisément, dès la souscription, Any reference below to a “Condition” refers to the
le rachat ou la détention de toute Obligation A1, tout numbered conditions below, unless the context
Obligataire A1 est automatiquement et de plein droit requires otherwise. Capitalised terms used but not
lié par les stipulations de la Convention defined herein shall have the meaning ascribed to
Intercréanciers et du Contrat-Cadre de Définitions, et them in the Master Definition Agreement.
pourra s’en prévalloir.
Toute référence ci-dessous à une « Condition »
renvoie aux conditions numérotées ci-après, sauf si le
contexte impose un sens différent. Les termes
commençant par une majuscule mais n’étant pas
définis aux présentes auront la signification qui leur
est donnée dans le Contrat-Cadre de Définitions.
1.
FORME, VALEUR
PROPRIETE
1.1
Forme
NOMINALE
ET 1.
1.1
FORM, DENOMINATION AND TITLE
Form
Les Obligations A1 seront émises le 5 août 2016 (la The A1 Bonds will be issued on 5 August 2016 (the
« Date d'Émission ») sous forme dématérialisée au “Issue Date”) in bearer dematerialised form (forme
porteur.
dématérialisée au porteur).
La propriété des Obligations A1 sera établie par une Title to the A1 Bonds will be evidenced by book58
inscription en compte, conformément aux articles
L.211-3 et seq. du Code monétaire et financier.
Aucun document matérialisant la propriété (y compris
les certificats représentatifs visés à l'article R.211-7
du Code monétaire et financier) ne sera délivré pour
les Obligations A1.
entries (inscriptions en compte), in accordance with
articles L.211-3 et seq. of the French Code monétaire
et financier. No physical document of title (including
certificats représentatifs pursuant to article R.211-7
of the French Code monétaire et financier) shall be
issued in respect of the A1 Bonds.
Les Obligations A1 sont émises au porteur, et
inscrites dans les livres d'Euroclear France
(« Euroclear France ») (agissant en tant que
dépositaire central) qui créditera les comptes des
Teneurs de Compte.
The A1 Bonds are issued in bearer form (au porteur)
entered in the accounts of Euroclear France
(“Euroclear France”) (acting as central depositary)
which will transfer to the accounts of Account
Holders.
Les Obligations A1 seront admises aux opérations
d’Euroclear France ; le code ISIN et le code commun
attribués
auxdites
Obligations
A1
seront
respectivement FR0013195633 et 146332005.
The A1 Bonds will be admitted to the operations of
Euroclear France; the ISIN and common code
attributed to the A1 Bonds are FR0013195633 and
146332005, respectively.
Dans les présentes Conditions, le « Teneur de
Compte » désigne tout intermédiaire habilité à
détenir des Comptes Titres, directement ou
indirectement, auprès d'Euroclear France, et inclut
Euroclear Bank S.A./N.V. (« Euroclear ») et la
banque dépositaire pour Clearstream Banking, société
anonyme (« Clearstream »).
In these Conditions, “Account Holder” means any
intermediary authorised to hold securities accounts,
directly or indirectly, with Euroclear France and
includes Euroclear Bank S.A./N.V. (“Euroclear”)
and the depositary bank for Clearstream Banking,
société
anonyme
(“Clearstream”).
1.2
1.2
Valeur nominale
Denomination
Les Obligations A1 sont émises avec une valeur
nominale initiale de 100.000 euros chacune. Les
Obligations A1 sont des titres amortissables et la
valeur nominale des Obligations A1 sera réduite à
chaque Date de Paiement des Obligations tel que visé
à la Condition 9.1 (« Remboursement fractionné »).
The A1 Bonds are issued in the initial denomination
of €100,000 each. The A1 Bonds are amortisable
securities and the denomination of the A1 Bonds will
be reduced on each Bonds Payment Date as described
in Condition 9.1 (“Redemption by Instalments”).
1.3
1.3
Propriété
Title
La Propriété des Obligations A1 dématérialisées au
porteur est transmissible, et lesdites Obligations A1
ne pourront être transférées, que si le transfert est
inscrit dans les comptes des Teneurs de Compte.
Title to dematerialised A1 Bonds in bearer form (au
porteur) passes, and such A1 Bonds may only be
transferred, by registration of the transfer in the
accounts of the Account Holders.
Dans les présentes Conditions, « Obligataire A1 »,
désigne la personne dont le nom apparaît dans le
compte du Teneur de Comptes, de l'Émetteur ou de
l'Établissement mandataire concerné (selon le cas), en
tant que propriétaire desdites Obligations A1.
In these Conditions, “A1 Bondholder” or, as the case
may be, “holder of A1 Bonds” means the person
whose name appears in the account of the relevant
Account Holder as being entitled to such A1 Bonds.
2.
STATUT ET SÛRETÉS
2.
STATUS AND SECURITY INTERESTS
2.1
Statut
2.1
Status
Les Obligations A1 constituent des engagements
directs, inconditionnels, non subordonnés et assortis
de sûretés (telles que décrites à la Condition 2.2) de
l’Émetteur. Les Obligations A1 ont priorité sur la
Dette Junior et viennent au même rang (pari passu)
The A1 Bonds constitute direct, unconditional,
unsubordinated and secured (as described in
Condition 2.2) obligations of the Issuer. The A1
Bonds rank in priority to the Junior Debt and pari
passu without any preference among themselves and
59
entre elles, sans préférence, et (sous réserve des
exceptions légales impératives du droit français) au
même rang que toutes les autres dettes non
subordonnées et non assorties de sûretés, présentes ou
futures, de l’Émetteur, y compris pour éviter toute
ambiguïté avec les Obligations A2.
(subject to such exceptions as are mandatory under
French law) equally and rateably with all other
present or future unsubordinated and unsecured
obligations of the Issuer, including for the avoidance
of
doubt
the
A2
Bonds.
2.2
2.2
Sûretés
Security Interests
Les Sûretés visées par les Documents de Sûretés
Partagées sont consenties aux masses des Obligataires
A1 et des Obligataires A2, et sont acceptées par
chacun des Représentants des Masses des
Obligataires, agissant respectivement au nom desdites
masses, afin de garantir le paiement par l’Émetteur de
tous les montants dus au titre des Documents de
Financement des Obligations A.
The Security Interests under the Shared Security
Documents are granted to the masses of the A1
Bondholders and the A2 Bondholders, and are
accepted by each of the Bondholders’ Representatives
acting on behalf of the respective masses, to secure
the payment by the Issuer of all sums due or owing
by the Issuer under or in connection with the A Bonds
Finance Documents.
Les Sûretés visées par les Documents de Sûretés
Partagées étant désignés dans les présentes
« Documents de Sûretés ») sont consenties aux
masses des Obligataires A1 et des Obligataires A2, et
sont acceptées par les Représentants des Masses des
Obligataires A agissant respectivement au nom de ces
masses, afin de garantir le paiement par l’Émetteur de
tous les montants dus au titre des Documents de
The Security Interests under the Shared Security
Documents (being herein referred to as the “Security
Documents”) are granted to the masses of the A1
Bondholders and the A2 Bondholders, and are
accepted by the A Bondholders’ Representatives
acting on behalf of the respective masses, to secure
the payment by the Issuer of all sums due or owing
by the Issuer under or in connection with the A Bonds
Finance Documents.
Chaque Obligataire A1, en procédant à la
souscription, à l’achat ou à toute autre forme
d'acquisition d'une Obligation A1, est réputé : (i)
avoir autorisé le Représentant de la Masse des
Obligataires A1 et l'Agent des Sûretés à signer les
Documents de Sûretés ; et (ii) à être lié par ces
derniers.
Each A1 Bondholder, by subscribing to, purchasing
or otherwise acquiring an A1 Bond, shall be deemed:
(i) to have authorised the A1 Bondholders’
Representative and the Security Agent to enter into
the Security Documents; and (ii) to be bound thereby.
The Security Interests shall become enforceable if an
Enforcement Instruction Notice is served. The
enforcement of the Security Interests is provided for
under the relevant Transaction Security Documents
and the Intercreditor Agreement and may be done by
the Security Agent for the benefit of the Secured
Creditors in accordance with Condition 11 (“Events
of Default”) and the Intercreditor Agreement. The
Bondholders may not, individually or collectively,
take any direct action to enforce any rights in their
favour under the Security Documents.
Les Sûretés deviendront réalisables si une
Notification d'Instruction de Réalisation est notifiée.
La réalisation des Sûretés est prévue par les
Documents de Sûretés de l'Opération concernés et par
la Convention Intercréanciers, et peut être réalisée par
l'Agent des Sûretés au profit des Créanciers
Bénéficiaires conformément à la Condition 11 (« Cas
d’Exigibilité Anticipée ») et à la Convention
Intercréanciers. Les Obligataires ne peuvent, que ce
soit à titre individuel ou collectif, prendre aucune
mesure directe pour faire appliquer les droits en leur The Security Interests granted to the masse of the A1
Bondholders on behalf of the A1 Bondholders and
faveur au titre des Documents de Sûretés.
certain other Secured Creditors under the Security
Les Sûretés consenties à la masse des Obligataires A1 Documents
shall
be
automatically
and
pour le compte des Obligataires A1 et de certains unconditionally released to the Issuer and the
autres Créanciers Bénéficiaires, en vertu des Shareholders on the A Bonds Discharge Date.
Documents de Sûretés, feront l'objet d'une mainlevée
automatique et inconditionnelle en faveur de For the avoidance of doubt, the A1 Bondholders will
l'Émetteur et des Actionnaires à la Date have no right in respect of the A2 Bonds Security
Documents.
d'Acquittement des Obligations A.
60
De façon à éviter tout doute, les Obligataires A1 ne
peuvent se prévaloir d’aucun droit au titre des
Documents de Sûretés Obligations A2.
2.3
Partage des Sûretés
2.3
Conformément à la Convention Intercréanciers, le
sommes provenant de la réalisation des Sûretés seront
distribuées au pro rata en cas de réalisation des
Sûretés, de façon à ce que le rang des droits des
Obligataires A et des autres Créanciers Bénéficiaires
lors de la réalisation des Sûretés soit conforme aux
ordres de priorité prévus par la Convention
Intercréanciers. La Convention Intercréanciers
comprend également certaines stipulations relatives,
entre autres, aux droits de vote des Créanciers
Bénéficiaires quant à la réalisation des Sûretés.
3.
DÉCLARATIONS
ET
Sharing of Security Interests
Pursuant to the Intercreditor Agreement, a pro-rata
distribution of the proceeds will be made in case of
enforcement of the Security Interests, so that the
rights of the A Bondholders and the other Secured
Creditors in relation to the enforcement of the
Security Interests shall rank in accordance with the
orders of priority described in the Intercreditor
Agreement. The Intercreditor Agreement also
contains provisions relating, inter alia, to voting
rights of the Secured Creditors in connection with the
enforcement of the Security Interests.
GARANTIES 3.
REPRESENTATIONS
WARRANTIES
AND
À la date du Mémorandum d’Information, à la Date
d'Émission ainsi qu’à chaque Date de Paiement des
Obligations, l’Émetteur doit donner et est réputé avoir
donné chacune des déclarations et garanties cidessous envers chacun des Obligataires A1. À chaque
fois qu'une déclaration est réitérée, elle est donnée en
fonction des faits et circonstances particulières
prévalant au moment de ladite réitération.
On the date of the Information Memorandum, on the
Issue Date and on each Bonds Payment Date, the
Issuer shall make and shall be deemed to make each
of the representations and warranties below to each of
the A1 Bondholders. Each time a representation is
repeated, it is applied to the facts and circumstances
existing at the time of repetition and repeated to the
facts and circumstances then existing.
3.1
3.1
Statut
Status
Il est dûment constitué, enregistré et existe en vertu
du droit français. Il dispose des pouvoirs et de
l'autorité pour détenir ses actifs et mener des activités
commerciales.
It is duly incorporated and registered and validly
existing under the laws of France. It has the power
and authority to own its assets and carry out
commercial activities.
3.2
3.2
Pouvoirs et Autorité
Il a la capcacité commerciale et le pouvoir de signer
et de mettre en œuvre les Documents de l'Opération
auxquels il est partie et d'exécuter les obligations qui
en découlent.
3.3
Powers and Authority
It has, the authorisation to engage in a commercial
activity, the power to enter into, perform and deliver
the Transaction Documents to which it is a party and
perform the obligations resulting therefrom.
Limites d'emprunt et d’octroi de sûretés
3.3
Borrowing and security limits
Les limites d'emprunt et d’octroi de sûretés par The borrowing and security limits of the Issuer are
l’Émetteur ne sont pas dépassées, y compris à la suite not exceeded, including by the issue of the Bonds or
de l'émission des Obligations ou du fait des Sûretés the
granting
of
Security
Interest.
consenties.
3.4
Absence de Conflit
3.4
No conflict
La signature et la mise en œuvre par l’Émetteur de The entry into and performance by it of, and the
tout Document de Financement pertinent et des transactions contemplated by, any of the relevant
Documents du Projet, ainsi que les opérations qu'ils Finance Documents and the Project Documents do
61
prévoient, ne sont pas incompatibles avec le droit not conflict with any Law applicable to it, in a
applicable ni avec les dispositions des statuts de manner which is likely to have a Material Adverse
l’Émetteur, de manière à avoir un Effet Significatif Effect nor the terms of the statuts of the Issuer.
Défavorable.
3.5
Formalités
3.5
Formalities
Toutes les formalités nécessaires afin d'obtenir les
autorisations requises pour la signature et la mise en
œuvre des Documents de l’Opération auxquels
l'Émetteur est partie ont été accomplies par
l'Émetteur.
All the necessary formalities for authorisations
required for the signature and performance of the
Transaction Documents to which the Issuer is a party,
have
been
fulfilled
by
the
Issuer.
3.6
3.6
Absence d'Immunité
No Immunity
Il n’a pas de possibilité de solliciter une quelconque It has no possibility to claim any form of immunity
forme d'immunité pour lui-même ou ses actifs for itself or its assets in relation to any Transaction
concernant les Documents de l’Opération.
Document.
3.7
Validité ou Admissibilité à Titre de Preuve
3.7
Validity and Admissibility in Evidence
L'ensemble des autorisations requises pour la
signature des Documents de l’Opération, pour
l'exécution des obligations dues en vertu des
Documents de l’Opération, et pour l'admissibilité à
titre de preuve à la date où la déclaration est faite, ou
réputée être faite, ont été obtenues et sont valides (ou
seront obtenues lorsqu'elles seront requises) et n'ont
pas été retirées, annulées ni suspendues pourvu que,
dans la mesure où ladite autorisation a trait aux
Documents du Projet, tout manquement à obtenir ou
maintenir toute autorisation ait un Effet Significatif
Défavorable.
All of the authorisations required for the signature of
the Transaction Documents, for the performance of
the obligations owed under the Transaction
Documents, and for admissibility as evidence on the
date on which the representation is made or deemed
to be made, have been obtained and are valid (or shall
be obtained when they are required) and have not
been revoked, cancelled or suspended, provided that,
insofar as the relevant authorisation relates to any
Project Document, failure to so obtain or maintain
any such authorisation, has a Material Adverse
Effect.
3.8
3.8
Informations Transmises
(a) Les informations transmises par écrit par
l’Émetteur aux Représentants des Masses des
Obligataires A et aux Obligataires A (à la date à
laquelle elles ont été fournies ou, selon le cas, à la
date à laquelle elles ont été associées et sous réserve
des informations dont l’Émetteur dispose à la date où
il les a transmises), y compris le Certificat de
Conformité (tel que défini à la Condition 4.12) et
toute donnée ou autres chiffres (y compris les états
financiers) transmis pour accompagner les
informations contenues dans les présentes sont
sincères et exactes, et (b) les hypothèses, les
expressions d'opinions, les intentions et les
estimations budgétaires établies par l’Émetteur et
contenues dans les informations visées à l’alinéa (a)
sont établies sur des hypothèses raisonnables.
3.9
Absence de
Obligations
Conflit
avec
Information transmitted
(a) The information transmitted in writing by the
Issuer to the A Bondholders’ Representatives and the
A Bondholders (as at the date it was provided or, as
the case may be, as at the date it related to and subject
to the information the Issuer has at its disposal on the
date it is transmitted) including the Compliance
Certificate (as defined in Condition 4.12) and any
data and other figures (including financial statements)
transmitted to support the information contained
therein is true and accurate, and (b) the assumptions,
expressions of opinions, intentions and budget
estimates established by the Issuer and contained in
(a) are made on the basis of reasonable assumptions.
d'Autres 3.9
Non-Conflict
with
Other
Obligations
La signature par l’Émetteur des Documents de The Issuer’s signature of the Transaction Documents
62
l’Opération et l'exécution de ses obligations qui en
découlent (i) n'enfreignent aucune stipulation d'aucun
accord ou engagement contraignant juridiquement
pour l’Émetteur qui, en cas de violation, aurait un
Effet Significatif Défavorable, (ii) n'enfreignent
aucune disposition prévue par ses statuts, et (iii)
aucune limite ou restriction à sa capacité n'a été
enfreinte suite à la conclusion d'emprunts (y compris
l'émission des Obligations) ou à la création des
Sûretés en lien avec les Documents de l’Opération.
and the performance of its obligations thereunder (i)
do not breach any term of any agreement or
commitment binding on the Issuer that, if breached,
would produce a Material Adverse Effect, (ii) do not
breach any provision of its constitutive documents
(statuts), and (iii) no limitation or restriction on its
powers (capacité) has been violated as a result of the
borrowings (including the issue of the Bonds) or the
creation of security interests in respect of the
Transaction Documents.
3.10
3.10
Obligations Contractuelles
Binding Obligations
Sous réserve des Réserves Juridiques, les obligations
de l'Émetteur en vertu des Documents de l’Opération
auxquels il est partie sont valables et exécutoires à
son encontre, conformément aux dispositions des
présentes.
Subject to the Legal Reservations, the Issuer’s
obligations under the Transaction Documents to
which it is a party are valid and enforceable against it
pursuant
to
the
terms
thereof.
3.11
3.11
Actifs
Assets
L’Émetteur dispose des droits sur ses actifs et les
actifs objets de la concession en vue de l'exécution du
Projet (à l'exception des biens de retour, qui sont
détenus par le Concédant et certains biens et actifs
qui ont été cédés en vertu des Cessions Autorisées).
The Issuer owns the rights to its assets and the
concession assets with a view to the carrying out of
the Project (except with respect to the “returnable
assets” (biens de retour), which are owned by the
Grantor and certain property and assets which have
been disposed of pursuant to Permitted Disposals).
3.12
3.12
Droits de Propriété Intellectuelle
L'Émetteur (i) détient ou dispose d'une licence pour
utiliser les droits de propriété intellectuelle
nécessaires à son activité, ainsi qu'à la maintenance et
à l'exploitation de ses biens et actifs, et (ii) a réalisé
toutes les formalités et procédures visant à préserver
l'enregistrement des droits de propriété intellectuelle
qu'il détient et qui sont nécessaires pour ses activités
ou pour le Projet (à moins que la non-réalisation
desdites formalités n'ait pas un Effet Significatif
Défavorable).
3.13
The Issuer (i) owns or has a licence to use the
intellectual property rights required for its activity
and the maintenance and operation of its property and
assets, and (ii) has carried out all necessary
formalities and procedures to maintain the
registration of the intellectual property rights it holds
which are required for its business or for the Project
(unless failure to do so would not have a Material
Adverse
Effect).
Lois de Lutte contre la Corruption et la 3.13
Prise Illégale d’Intérêt
L’Émetteur n’entreprend aucune activité et n’est
impliqué dans aucune opération violant une loi ou un
règlement pour la lutte contre la corruption et la prise
illégale d’intérêt, en vigueur en France et auxquels il
serait soumis.
3.14
Intellectual Property Rights
Anti-Bribery and Anti-Corruption Law
The Issuer is not involved in any activity or conduct
which would violate any applicable anti-bribery or
anti-corruption law or regulation applying to it in the
Republic
of
France.
Lois de Lutte contre le Blanchiment 3.14
d’Argent
Les activités de l’Émetteur sont conduites à tout
moment en conformité avec les règles substantielles
pour la tenue de comptes et les exigences en matières
financières, et les lois pour la lutte contre le
Money
Laundering
Laws
The operations of the Issuer are conducted at all times
in compliance with all material financial record
keeping and reporting requirements and money
laundering statutes in the Republic of France (the
63
blanchiment d’argent en France (« Lois Contre le
Blanchiment d’Argent »), et aucun acte, action ou
procédure devant toute instance judiciaire ou
administrative, ou devant toute autorité ou instance
arbitrale impliquant l’Émetteur, en ce qui concerne
les Lois Contre le Blanchiment d’Argent, n'est en
cours.
“Money Laundering Laws”) and no action, suit or
proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving
the Issuer with respect to Money Laundering Laws is
pending.
3.15
3.15
Sanctions
Securities compliance
Ni l'Émetteur ni aucun de ses dirigeants ou
administrateurs ne fait l'objet d'une sanction aux
États-Unis émanant du Bureau de contrôle des actifs
étrangers (« OFAC ») rattaché au Département du
Trésor des États-Unis (« OFAC »), ou de toute
sanction ou mesure équivalente imposée par le
Conseil de sécurité des Nations Unies, l'Union
Européenne, la France ou le Trésor Britannique
(« HMT ») (collectivement les « Sanctions »).
Neither the Issuer nor any of its directors or officers
is subject to any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S.
Department of the Treasury (“OFAC”) or any
equivalent sanctions or measures imposed by the
United Nations Security Council, the European
Union, France or Her Majesty’s Treasury (“HMT”)
(collectively,
the
“Sanctions”).
3.16
3.16
Prévisions de trafic
Les informations transmises par écrit par l’Émetteur
aux Représentants des Masses des Obligataires A et
aux Obligataires A (à la date à laquelle elles ont été
fournies) concernant les prévisions de trafic ont été
établies sur des hypothèses raisonnables.
4.
4.1
4.2
Traffic forecast
The information transmitted in writing by the Issuer
to the A Bondholders’ Representatives and the A
Bondholders (as at the date it was provided) in
relation to the traffic forecast has been prepared on
the basis of reasonable assumptions.
OBLIGATIONS D’INFORMATIONS
4.
Tant que l'une quelconque des Obligations A
demeure en circulation, l'Émetteur doit
fournir aux Représentants des Masses des
Obligataires A et aux Obligataires A les
informations visées dans la présente
Condition.
So long as any of the A Bonds remains outstanding,
the Issuer shall provide to the A Bondholders’
Representatives and the A Bondholders the
information
set
out
in
this
Condition.
États Financiers
4.1
REPORTING COVENANTS
Financial Statements
(a)
180 jours suivant la fin de chaque
exercice financier, les états financiers
annuels audités de l'Émetteur et de
l’Exploitant (sous réserve de
l’approbation de l’Exploitant) (ainsi
que leurs rapport annuel et le rapport
des commissaires aux comptes
respectifs, y afférant), et
(a)
180 days following the end of each
financial year, the audited annual
financial statements of the Issuer and
the O&M Operator (subject to the
approval of the O&M Operator)
(along with the respective annual
report and auditors’ report thereon),
and
(b)
90 jours à compter de la fin du
premier semestre de chaque exercice
financier, les états financiers
semestriels non audités de l'Émetteur.
(b)
90 days following the end of the first
half of each financial year, the
Issuer’s unaudited half-year financial
statements of the Issuer.
Rapport d'exploitation
4.2
Operating report
Un rapport d'exploitation semestriel, qui doit An operating report on a semi-annual basis, to be
être fourni au plus tard le 30 mars et le 30 provided not later than on 30 March and on 30
64
septembre de chaque année, couvrant le September in each year, covering traffic, operation
trafic, l'exploitation et la maintenance, and maintenance, insurance and other general
l'assurance et les autres informations management
update.
actualisées
concernant
l’activité
de
l’entreprise.
4.3
4.4
Projet
4.3
Project
Une notification sans délai de (i) toute
proposition visant à suspendre ou abandonner
le Projet et (ii) toute notification reçue
relative à une résiliation anticipée de l'un des
Documents du Projet et la Convention
Tripartite de Résiliation.
Prompt notice of (i) any proposal aiming at
suspending or abandoning the Project and (ii) any
notification received in relation to any early
termination of any of the Project Documents and the
Termination
Tripartite
Agreement.
Défaut
4.4
Default
Une notification sans délai de tout (i) Défaut, Prompt notice of the occurrence of any (i) Default,
(ii) Cas de Force Majeure ou (iii) Événement (ii) Force Majeure Event or (iii) Material Adverse
Défavorable Significatif.
Event.
4.5
4.6
Litiges
4.5
Litigation
Une notification sans délai de (i) tout litige à
l'encontre de l’Émetteur, d'un Document de
l'Opération (autre que le Contrat de
Concession) ou d'une autorisation relative au
Projet, dont l'issue, si elle devait être
défavorable, pourrait raisonnablement avoir
un Effet Significatif Défavorable, et (ii) tout
litige relatif au Contrat de Concession.
Prompt notice of (i) any litigation against the Issuer, a
Transaction Document (other than the Concession
Agreement) or a Project authorisation whose
outcome, were it to be unfavourable, could
reasonably have a Material Adverse Effect and (ii)
any litigation against the Concession Agreement.
Actifs
4.6
Assets
Une notification sans délai du fait qu'un tiers Prompt notice of the fact that a third party (other than
(autre qu'un Obligataire) détienne (ou puisse a Bondholder) has (or may be entitled to have) a right
être habilité à détenir) un droit sur les actifs over the assets over which a Security Interest is taken.
grevés d'une Sûreté.
4.7
4.8
Concédant
4.7
Une notification sans délai de tout courrier,
commentaire ou observation émanant du
Concédant concernant la qualité ou la
continuité des activités d'Autoroute et la
bonne exécution du Contrat de Concession,
dans la mesure où la finalité desdits courrier,
commentaire ou observation consiste à
dénoncer ou signaler une violation de la part
de l’Émetteur qui pourrait avoir un Effet
Significatif Défavorable, ou dans la mesure
où ladite notification comporte une Mise en
Demeure ou une Mise en Régie potentielle
(tel que le terme est défini au Contrat de
Concession).
Prompt notice of any correspondence, comment or
observation from the Grantor regarding the quality or
continuity of Motorway operation and the proper
performance for any major matter pertaining to the
Concession Agreement, insofar as the purpose of said
correspondence, comment or observation is to assert
or report a breach on the part of the Issuer that could
have a Material Adverse Effect, or if such notice
relates to any Mise en Demeure or a potential Mise en
Régie (as this term is defined in the Concession
Agreement).
Extraits Financiers du Scénario de Base 4.8
65
Grantor
Initial
Base
Case
Financial
Outputs
Initial
À la Date d'Émission, l'Émetteur doit fournir
aux Représentants des Masses des
Obligataires et aux Obligataires les Extraits
Financiers du Scénario de Base Initial jusqu'à
la fin de la concession.
4.9
On the Issue Date, the Issuer shall provide the
Bondholders’ Representatives and the Bondholders
with the initial Base Case Financial Outputs until the
end
of
the
concession.
Actualisation des Extraits Financiers du 4.9
Scénario de Base
Updated Base Case Financial Outputs
Each year (N) and no later than the 31st December of
such year (N), the Issuer shall provide the
Bondholders’ Representatives and the Bondholders
with the updated Base Case Financial Outputs (as
described below) alongside the Annual Base Case
Update (as defined in Condition 4.10) (“Annual Base
Case Update”) for year N+1 until the end of the
concession, together with a description of the main
changes since the last updated Base Case Financial
Outputs / Annual Base Case Update.
Chaque année (N) et au plus tard le 31
décembre de ladite année (N), l'Émetteur doit
fournir aux Représentants des Masses des
Obligataires
et
aux
Obligataires
l'Actualisation des Extraits Financiers du
Scénario de Base (telle que décrite ci-après),
ainsi que l'Actualisation du Scénario de Base
Annuel (telle que définie à la Condition 4.10)
(« Actualisation du Scénario de Base
Annuel ») pour l'année N+1 jusqu'à la fin de
la concession, complétée par une description
des changements majeurs depuis la dernière
Actualisation des Extraits Financiers du
Scénario de Base / Actualisation du Scénario
de Base Annuel.
The “Updated Base Case Financial Outputs” from
year (N+1) until the senior debt maturity, will be
based on:
(a)
for year (N+1), on the Annual Base
Case Update (as such update may
have been amended following an
Annual Base Case Challenge) (as
defined in Condition 4.10 (“Annual
Base Case Update”)); and
(b)
for each following year, on (i) the
current Issuer Revenue Forecast (as
defined in Condition 4.13 (“Issuer
Revenue Forecast and Update”)) (by
applying the level of revenues growth
(in real terms) forecasted in the
current Issuer Revenue Forecast to
the level of revenues (in real terms)
forecasted in the Annual Base Case
Update for year (N+1)) and (ii) on
the current Issuer Cost Forecast (as
defined in Condition 4.14 (“Issuer
Cost Forecast and Update”)).
L'« Actualisation des Extraits Financiers
du Scénario de Base » pour l'année (N+1)
jusqu'à la maturité de la créance senior, sera
fondée :
(a)
(b)
pour
l'année
(N+1),
sur
l'Actualisation du Scénario de Base
Annuel (ladite actualisation ayant pu
être modifiée après une Contestation
du Scénario de Base Annuel) (telle
que définie à la Condition 4.10
(« Actualisation du Scénario de Base
Annuel »)) ; et
pour chaque année suivante, sur (i)
les Prévisions de Chiffre d'Affaires
de l’Émetteur actuelles (telles que
définies à la Condition 4.13
(« Prévisions de Chiffre d'Affaires de
l’Émetteur et Actualisation »)) (en
appliquant le niveau de croissance du
chiffre d'affaires (en termes réels)
estimé dans les Prévisions actuelles
de Chiffre d'Affaires de l’Émetteur
au niveau du chiffre d'affaires (en
termes
réels)
anticipé
dans
Annuel pour l'année (N+1)) et (ii) sur
les Prévisions des Coûts de
l’Émetteur actuelles (telles que
In case of any update of the Issuer Revenue Forecast
and/or any Issuer Cost Forecast, the Issuer shall
provide the Bondholders’ Representatives and the
Bondholders, within 30 days following such update,
with the Updated Base Case Financial Outputs, which
will be based on:
(a)
66
the revenues (in nominal and real
terms) as forecasted under the Issuer
Revenue Forecast (as such forecast
définies à la Condition 4.14
(« Prévisions
des
Coûts
de
l’Émetteur et Actualisation »)).
may have been updated following a
Revenue Forecast Update Event (as
defined
in
Condition 19
(“Definitions”)); and
En cas d’actualisation des Prévisions de
Chiffre d'Affaires de l’Émetteur et/ou des
Prévisions des Coûts de l’Émetteur,
l’Émetteur doit fournir aux Représentants des
Masses des Obligataires et aux Obligataires,
dans un délai de 30 jours à compter de la
publication
de
ladite
actualisation,
Scénario de Base, qui sera fondée sur :
4.10
(a)
le chiffre d'affaires (en termes
nominaux et réels) tel qu'estimé dans
de l’Émetteur (lesdites prévisions
ayant pu faire l'objet d'une
actualisation suite à un Événement
donnant lieu à une Actualisation du
Chiffre d'Affaires Prévisionnel (telle
que définie à la Condition 19
(« Définitions »)); et
(b)
les coûts (en termes nominaux et
réels) tels qu'estimés dans les
Prévisions des Coûts de l’Émetteur
(lesdites prévisions ayant pu faire
l'objet d'une actualisation suite à un
Événement donnant lieu à une
Actualisation
des
Coûts
Prévisionnels (telle que définie à la
Condition 19 (« Définitions »)).
(b)
the cost (in nominal and real terms)
as forecasted under the Issuer Cost
Forecast (as such forecasts may have
been updated following a Cost
Forecast Update Event (as defined in
Condition 19
(“Definitions”)).
Actualisation du Scénario de Base Annuel
4.10
L'actualisation du scénario de base annuel
fournie par l'Émetteur en même temps que
Scénario de Base conformément à la
Condition 4.9 (« Actualisation des Extraits
Financiers du Scénario de Base ») doit
inclure les Extraits Financiers du Scénario de
Base provisionnels pour l'année N concernée
et pour l'année N+1 concernée, qui seront
établis sur des prévisions raisonnables de
l'Émetteur sur le fondement de (i) la
performance réelle des activités de l'Émetteur
observées jusqu'à la fin du mois d'octobre de
l'année N concernée, (ii) les prévisions de
performance de l'Émetteur jusqu'à la fin de
l'année N concernée et (iii) les prévisions de
performance de l'Émetteur pour l'année N+1
concernée (l'« Actualisation du Scénario de
Base Annuel »).
The annual base case update provided by the Issuer
simultaneously with the Updated Base Case Financial
Outputs pursuant to Condition 4.9 (“Updated Base
Case Financial Outputs”) shall include the
provisional Base Case Financial Outputs for the
relevant year N and for the relevant year N+1, which
will be reasonably forecasted by the Issuer on the
basis of (i) the actual performance of the Issuer
operation observed until end of October of the
relevant year N, (ii) the forecasted performance of the
Issuer until end of the relevant year N and (iii) the
forecasted performance of Issuer for the relevant year
N+1 (the “Annual Base Case Update”).
Annual Base Case Update
The Annual Base Case Update shall be approved on a
Negative Approval basis or, in the event the relevant
Annual Base Case Update is the subject of an Annual
Base Case Challenge (as defined in Condition 4.11
(“Challenge of the Annual Base Case Update”)), at
the end of relevant Challenge Period in accordance
67
with
such
Condition.
L'Actualisation du Scénario de Base Annuel
est approuvée sur la base d'une Approbation
Négative ou, dans le cas où l'Actualisation du
Scénario de Base Annuel concernée fait
l'objet d'une Contestation du Scénario de
Base Annuel (tel que défini à la Condition
4.11 (« Contestation du Scénario de Base
Annuel »)), à la fin de la Période de
Contestation conformément aux dispositions
de ladite Condition.
4.11
Contestation
de
l'Actualisation
Scénario de Base Annuel
du 4.11
Si, dans un délai de 20 Jours Ouvrés à
compter de sa remise, l'Actualisation du
Scénario de Base Annuel n'a pas été
approuvée sur le fondement d'une
Approbation Négative (une « Contestation
du Scénario de Base Annuel »), l’Émetteur
doit nommer un Expert Indépendant afin
d'étudier la Contestation du Scénario de Base
Annuel concernée, sous réserve que ledit
Expert Indépendant s'engage à remettre dans
un délai de 45 jours à compter de la date de
ladite Contestation du Scénario de Base
Annuel un Rapport d'Expert qui sera
contraignant et définitif au regard de ladite
Contestation du Scénario de Base Annuel.
Challenge of the Annual Base Case Update
If, within 20 Business Days following its delivery, the
Annual Base Case Update has not been approved on a
Negative Approval basis (an “Annual Base Case
Challenge”), the Issuer shall appoint an Independent
Expert to investigate the relevant Annual Base Case
Challenge, provided that such Independent Expert
shall undertake to provide within 45 days from the
date of such Annual Base Case Challenge an Expert
Report which shall be binding and conclusive as to
such Annual Base Case Challenge.
In case no such report has been provided by the
Independent Expert within the 45 days period
referred to above, the Issuer may decide (i) either to
convene an A Bondholders’ meeting for a Combined
Ordinary Resolution (as more fully described below)
or alternatively (ii) to appoint and instruct another
reputable Independent Expert to investigate the
relevant Annual Base Case Challenge. The new
Independent Expert shall undertake to provide within
a further 45 days period an Expert Report which shall
be binding and conclusive as to such Annual Base
Case Challenge.
Dans l'hypothèse où aucun rapport n'est remis
par l'Expert Indépendant dans le délai de
45 jours mentionné ci-dessus, l'Émetteur peut
décider (i) de réunir en assemblée les
Obligataires A dans le but d'adopter une
Résolution Ordinaire Combinée (tel que
décrit plus en détail ci-dessous) ou (ii) de
désigner et demander à un autre Expert
Indépendant reconnu d'étudier la Contestation
du Scénario de Base Annuel concernée. Le
nouvel Expert Indépendant s'engage à
remettre dans un délai supplémentaire de
45 jours un Rapport d'Expert qui sera
contraignant et définitif au regard de ladite
Contestation du Scénario de Base Annuel.
In case no report has been provided by any
Independent Expert within 90 days after the
commencement of the Challenge Period, the Issuer
shall, within the next 10 business days, convene an A
Bondholders’ meeting for a Combined Ordinary
Resolution.
Any A Bondholders’ meeting convened by the Issuer
for the purpose of this Condition will vote under a
Combined Ordinary Resolution for any of the
following resolutions, which shall be alternatively
proposed by the Issuer:
Dans l'hypothèse où aucun rapport n'est remis
par un Expert Indépendant dans un délai de
90 jours à compter du début de la Période de
Contestation, l'Émetteur doit, au cours des 10
Jours Ouvrés suivants, réunir en assemblée
les Obligataires A dans le but d'adopter une
Résolution Ordinaire Combinée.
(a)
Toute assemblée d’Obligataires A convoquée
par l'Émetteur aux fins de la présente
68
to waive the Annual Base Case
Challenge. Voting of the waiver
would lead to the approval of the
Annual Base Case Update initially
reported by the Issuer and
Condition votera une Résolution Ordinaire
Combinée pour toutes résolutions listées cidessous qui peuvent être également
proposées par l'Émetteur :
(a)
renoncer à la Contestation du
Scénario de Base Annuel. Le vote
d'une renonciation conduirait à
l'approbation de l'Actualisation du
Scénario de Base Annuel initialement
publiée par l'Émetteur, et dès lors à la
validation de l'Actualisation des
Extraits Financiers du Scénario de
Base fournie en même temps ; ou
(b)
approuver une version révisée de
Annuel fournie par l'Émetteur, que
l'Émetteur a préparée de manière
raisonnable
en
incluant
une
description
des
principales
modifications apportées à la version
contestée de l'Actualisation du
Scénario
de
Base
Annuel.
L'approbation de la version révisée
de l'Actualisation du Scénario de
Base Annuel se traduirait alors par la
validation de la version révisée de
l'Actualisation
des
Extraits
Financiers du Scénario de Base que
l'Émetteur a fournie et préparée à
partir de ladite révision de
Annuel ; ou
(c)
consequently to the validation of the
Updated Base Case Financial
Outputs provided simultaneously; or
la nomination par les Obligataires A
d'un autre Expert Indépendant qui
sera chargé d'étudier la Contestation
du Scénario de Base Annuel
concernée, sous réserve que ledit
Expert Indépendant s'engage à
remettre dans un délai de 45 jours à
compter de la date de ladite
nomination, un Rapport d'Expert qui
sera contraignant et définitif au
regard de ladite Contestation du
Scénario de Base Annuel. Si aucun
rapport n'est remis par l'Expert
Indépendant dans le délai de 45 jours
mentionné ci-dessus, la Contestation
du Scénario de Base Annuel est
réputée abandonnée et le Scénario de
Base Annuel pour l’année précédente
continuera de s’appliquer, à moins
que l’Actualisation du Scénario de
Base initialement publiée par
l’Émetteur ne soit plus restrictive,
(b)
to approve a revised Annual Base
Case Update provided by the Issuer,
which the Issuer shall have
reasonably
prepared
with
a
description of the main changes since
the challenged Annual Base Case
Update. Approval of the revised
Annual Base Case Update would
consequently result in the validation
of the revised Updated Base Case
Financial Outputs which the Issuer
will have provided and prepared on
the basis of such revised Annual
Base Case Update; or
(c)
for the A Bondholders to appoint
another Independent Expert to
investigate the relevant Annual Base
Case Challenge, provided that such
Independent Expert shall undertake
to provide within 45 days from the
date of the appointment of an Expert
Report which shall be binding and
conclusive as to such Annual Base
Case Challenge. Should no such
report be provided by the relevant
Independent Expert within the 45
days period referred to above, the
Annual Base Case Challenge shall be
deemed to be waived and the Annual
Base Case of the previous year will
continue to be applied, except if the
Annual Base Case Update initially
reported by the Issuer is more
conservative, in which case it will be
deemed to be approved and, as a
consequence, the Updated Base Case
Financial
Outputs
will
be
simultaneously validated.
Should (i) the quorum (which is applicable for an
Ordinary Resolution on first meeting) not be reached
at the first meeting or, as the case may be, (ii) no
majority be reached for any resolution, no adjourned
meeting shall take place and, as a consequence, the
Annual Base Case Update initially reported by the
Issuer shall be deemed to be approved and the
Updated Base Case Financial Output simultaneously
validated.
Following the receipt of any Expert Report, the Issuer
shall inform each Bondholders’ Representative and
the Bondholders that such Expert Report will be
69
dans ce cas elle sera réputée
approuvée, et par conséquent,
l'Actualisation
des
Extraits
Financiers du Scénario de Base sera
validée de façon simultanée.
available to Bondholders subject to the signing of a
release letter under the terms agreed with the
Independent Expert.
Within the next 30 days following the receipt of the
relevant Expert Report, the Issuer shall provide each
Bondholders’ Representative and the Bondholders
with the revised Annual Base Case Update, which
shall be based on the conclusions of such report and
the resulting Updated Base Case Financial Outputs.
Si (i) le quorum (qui est applicable pour une
Résolution
Ordinaire
sur
première
convocation) n'est pas atteint lors de
l'assemblée réunie sur première convocation,
ou selon le cas, (ii) aucune majorité n'est
obtenue pour l'une des résolutions, aucune The relevant Challenge Period will end upon the
assemblée ajournée n'est convoquée et, par earlier of:
conséquent, l'Actualisation du Scénario de
(a)
following the receipt of the relevant
Base Annuel initialement publiée par
Expert Report, the date on which the
l’Émetteur est réputée approuvée et
Issuer will provide the Bondholders’
Representatives and the Bondholders
Scénario de Base validée de façon
with the resulting Annual Base Case
simultanée.
Update and the Updated Base Case
Financial Outputs;
Après réception du Rapport d'Expert,
l'Émetteur doit informer chacun des
(b)
following the voting of a resolution
Représentants des Masses des Obligataires et
at an A Bondholders’ meeting, the
des Obligataires que ledit Rapport d'Expert
date of such meeting; or
sera mis à disposition des Obligataires sous
réserve de la signature d'une lettre de
(c)
in case no report is provided by the
décharge conformément aux modalités
Independent Expert, when such
convenues avec l'Expert Indépendant.
expert was appointed by the A
Bondholders following an A
Dans un délai de 30 jours à compter de la
Bondholders’ meeting, at the date
réception du Rapport d'Expert concerné,
falling 45 days after the date of such
l’Émetteur doit fournir à chacun des
meeting.
des Obligataires la version révisée de
l'Actualisation du Scénario de Base Annuel, A Bondholders may only challenge the Annual Base
qui sera fondée sur les conclusions dudit Case Update as regard any of the CPI assumptions,
rapport, ainsi que l'Actualisation des Extraits projected revenues, or operating, maintenance costs
Financiers du Scénario de Base qui en and/or lifecycle costs for the year N+1 and if they
have reasons to believe that (i) the Annual Base Case
découle.
Update is incorrect or misleading in any material
La Période de Contestation concernée respect, and (ii) if the Annual Base Case Update was
restated so that it is accurate in all material respects,
prendra fin au plus tôt :
that the Net Operating Cashflow during year N+1
(d)
après réception dudit Rapport would be 10% below.
d'Expert, à la date à laquelle
l'Émetteur
fournira
aux No Distribution shall be possible during the relevant
Représentants des Masses des Challenge Period. Distributions shall be permitted as
Obligataires et aux Obligataires soon as the Challenge Period ends provided that the
l'Actualisation du Scénario de Base Permitted Junior Distribution Conditions were met on
Annuel et l'Actualisation des Extraits the calculation date immediately preceding the
Financiers du Scénario de Base qui Challenge Period (regardless of whether such
Distribution is made on a Bonds Payment Date or
en découlent ;
not).
(e)
après le vote d'une résolution lors
d'une assemblée des Obligataires A, à
la date de ladite assemblée ; ou
70
(f)
si aucun rapport n'est remis par
l'Expert Indépendant, lorsque ledit
expert
fut
nommé
par
les
Obligataires A réunis en assemblée, à
la date correspondant au 45e jour
après la date de convocation de ladite
assemblée.
Les Obligataires A ne peuvent contester
l'Actualisation du Scénario de Base Annuel
que sur la base des hypothèses d'IPC, des
projections de chiffre d'affaires, ou des coûts
opérationnels et de maintenance et/ou des
coûts liés au cycle de vie pour l'année N+1 et
s'ils ont des raisons de penser que (i)
l'Actualisation du Scénario de Base Annuel
est inexacte ou trompeuse sur tout élément
important, et (ii) si l'Actualisation du
Scénario de Base Annuel a été modifiée et
laisse à penser que les Flux de Trésorerie
Liés à l'Exploitation au cours de l'année N+1
seraient inférieurs de 10%.
Aucune Distribution ne sera possible pendant
la Période de Contestation concernée. Les
Distributions sont autorisées dès que la
Période de Contestation prend fin sous
réserve que les Conditions de Distribution
Subordonnée soient remplies à la date de
calcul précédant immédiatement la Période
de Contestation (que ladite Distribution soit
réalisée à une Date de Paiement des
Obligations ou non).
4.12
Certificat de Conformité
4.12
Dans un délai de 15 jours à compter de chaque Date
de Paiement des Obligations (ou, dans le cas d'une
Contestation du Scénario de Base Annuel, de la fin de
la Période de Contestation concernée), l’Émetteur
doit fournir à chacun des Représentants des Masses
des Obligataires et aux Obligataires un Certificat de
Conformité (le « Certificat de Conformité »), qui
doit confirmer entre autres (i) le niveau de chaque
Ratio en joignant une copie dudit calcul, (ii) le niveau
du Compte de Réserve du Service de la Dette des
Obligations A et du Compte de Réserve de Gros
Entretien, (iii) le niveau du Compte de Réserve pour
l'Amortissement des Obligations A2 et la conformité
du calcul du Montant de la Réserve pour
l'Amortissement des Obligations A2, (iv) aucun Cas
d’Exigibilité Anticipée n'est survenu ni ne se
poursuit, ou si un Cas d’Exigibilité Anticipée est
survenu et se poursuit, que des mesures (le cas
échéant) ont été prises pour remédier audit Cas
d’Exigibilité Anticipée, (v) si un Événement de
Compliance Certificate
Within 15 days following each Bonds Payment Date
(or, in case of an Annual Base Case Challenge, the
end of the relevant Challenge Period), the Issuer shall
provide each Bondholders’ Representative and the
Bondholders with a compliance certificate (the
“Compliance Certificate”), which shall confirm
inter alia (i) the level of each of the Ratios attaching
a copy of such calculation, (ii) the level of the A
Bonds Debt Service Reserve Account and the Major
Maintenance Reserve Account, (iii) the level of the
A2 Bonds Redemption Reserve Account and the
compliance with the calculation of the A2 Bonds
Redemption Reserve Amount and (iv) that no Event
of Default has occurred and is continuing, or if an
Event of Default has occurred and is continuing, the
steps (if any) that are being taken to remedy such
Event of Default, (v) whether a Lock-Up Event has
occurred (with respect to the previous Bonds
Payment Date), is continuing or, as the case may be,
is no more continuing and (vi) whether an Equity
71
Blocage est survenu (par rapport à la précédente Date Cure Right has been exercised.
de Paiement des Obligations), se poursuit ou, selon le
cas, est terminé, et (vi) si un Droit Equity Cure a été If, within 20 Business Days following its delivery, the
Compliance Certificate has not been approved on a
exercé.
Negative Approval basis (a “Compliance Certificate
Si, dans un délai de 20 Jours Ouvrés à compter de sa Challenge”), the Issuer shall instruct the Issuer’s
délivrance, le Certificat de Conformité n'a pas été auditors or any other Independent Expert to review
approuvé sur la base d'une Approbation Négative and confirm within 30 days a restated Compliance
(une
« Contestation
du
Certificat
de Certificate (a “Restated Compliance Certificate”),
Conformité »), l'Émetteur doit demander aux which review shall be conclusive and binding on the
commissaires aux comptes de l’Émetteur ou à tout Issuer and the A Bondholders and which remittance
autre Expert Indépendant d'étudier et de confirmer to each Bondholders’ Representative and the
dans un délai de 30 jours une version révisée du Bondholders shall terminate the Challenge Period.
Certificat de Conformité (un « Certificat de
Conformité Révisé »), dont l'examen sera définitif et A Bondholders may only challenge the Compliance
contraignant pour l’Émetteur et les Obligataires A et Certificate if they consider (acting reasonably and
dont la remise à chacun des Représentants des Masses having provided due justification) that there is an
des Obligataires et aux Obligataires marquera la fin error in the computations made in respect of the
calculation of the Ratios contained in the Compliance
de la Période de Contestation.
Certificate and, provided that if the Compliance
Les Obligataires A ne peuvent contester le Certificat Certificate was restated and accurate in all material
de Conformité que s'ils estiment (de façon respects, a Lock-up Event or an Event of Default
raisonnable et sur la base de preuves dûment would occur during relevant year N+1. For the
documentées) qu'il y a une erreur dans les calculs avoidance of doubt, A Bondholders shall not be
effectués pour établir les Ratios présentés dans le entitled to challenge any other information set out in
Certificat de Conformité et, dans la mesure où le the Compliance Certificate which will, among others,
certificat a été révisé et est exact à tous égards be part of the Annual Base Case Update and/or the
importants, qu'un Événement de Blocage ou un Cas Updated Base Case Financial Outputs.
d’Exigibilité Anticipée pourrait survenir pendant
l'année N+1 concernée. Pour éviter toute ambiguïté, No Distribution shall be possible during the relevant
les Obligataires A ne sont pas habilités à contester Challenge Period. Distributions shall be permitted as
toute autre information mentionnée dans le Certificat soon as the Challenge Period ends provided that the
de Conformité qui figurera, entre autres, dans Permitted Junior Distribution Conditions were met on
l'Actualisation du Scénario de Base Annuel et/ou the Bonds Payment Date immediately preceding the
l'Actualisation des Extraits Financiers du Scénario de Challenge Period (regardless of whether such
Distribution is made on a Bonds Payment Date or
Base.
not).
Aucune Distribution ne sera possible pendant la
Période de Contestation concernée. Les Distributions
sont autorisées dès que la Période de Contestation
prend fin, sous réserve que les Conditions de
Distribution Subordonnée soient remplies à la Date
de
Paiement
des
Obligations
précédant
immédiatement la Période de Contestation (que ladite
Distribution soit réalisée à une Date de Paiement des
Obligations ou non).
4.13
Prévisions de Chiffre d'Affaires
l’Émetteur et Actualisation
de 4.13
À la Date d'Émission, l'Émetteur doit fournir
à chacun des Représentants des Masses des
Obligataires et aux Obligataires les
prévisions initiales de chiffre d'affaires de
l'Émetteur qui présenteront les prévisions de
trafic et de chiffre d'affaires de l'Émetteur (en
termes nominaux et réels), ainsi que les
Issuer Revenue Forecast and Update
On the Issue Date, the Issuer shall provide each
Bondholders’ Representative and the Bondholders
with the initial Issuer’s revenue forecast, which will
indicate the forecasted traffic and revenues of the
Issuer (in nominal and real terms) and the CPI
assumptions until the end of the concession (the
“Issuer Revenue Forecast”).
72
hypothèses d'IPC jusqu'à la fin de la
concession (les « Prévisions de Chiffre In case of a Revenue Forecast Update Event, the
Issuer shall instruct a Traffic Expert to prepare an
d'Affaires de l’Émetteur »).
Expert Report within 60 days detailing the traffic
Dans le cas d'un Événement donnant lieu à growth and revenue projections (in real terms) up
une Actualisation du Chiffre d'Affaires until the end of the concession.
Prévisionnel, l’Émetteur doit demander à un
Expert Trafic de préparer un Rapport In case no such Expert Report is provided within 60
d'Expert dans un délai de 60 jours détaillant days, the Issuer may instruct any other reputable
la croissance du trafic et les projections de Traffic Expert to prepare such report or conclusions
chiffre d'affaires (en termes réels) jusqu'à la relating to the challenged report, as the case may be,
within 60 days of it being so instructed by the Issuer.
fin de la concession.
Alis may challenge the Expert Report if it considers it
Dans l'hypothèse où aucun Rapport d'Expert to be incorrect in any material respect. Should Alis
n'est remis dans un délai de 60 jours, exercise its right to challenge the Expert Report, a
l’Émetteur peut demander à un autre Expert Traffic Expert shall be selected by the Issuer (subject
Trafic reconnu de préparer ledit rapport ou to a Negative Approval) to review and update the
des conclusions relatives au rapport contesté, Expert Report (the "Updated Expert Report") and
selon le cas, dans un délai de 60 jours à give its conclusions on the challenge.
compter de la sollicitation par l'Émetteur.
Alis peut contester le Rapport d'Expert s'il Following the receipt of the Expert Report (or
estime qu'il est inexact sur un point Updated Expert Report), the Issuer shall inform each
significatif. Si Alis exerce son droit de Bondholders’ Representative and the Bondholders
contester le Rapport d'Expert, un Expert that such Expert Report (or such Updated Expert
Trafic doit être choisi par l’Émetteur (sous Report) will be available to Bondholders subject to
réserve d'une Approbation Négative) afin the signing of a non-reliance letter under the terms
d'étudier et actualiser le Rapport d'Expert (le agreed with the Traffic Expert.
« Rapport d'Expert Actualisé ») et livrer
Within the next 30 days following the receipt of the
ses conclusions concernant la contestation.
Expert Report (or the Updated Expert Report), the
shall
provide
each
Bondholders’
Après réception du Rapport d'Expert (ou du Issuer
Rapport d'Expert Actualisé), l'Émetteur doit Representative and the Bondholders with:
informer chacun des Représentants des
(a)
the newly updated Issuer Revenue
Masses des Obligataires et les Obligataires
Forecast, which shall be materially in
que ledit Rapport d'Expert (ou Rapport
line with the Expert Report (or the
d'Expert Actualisé) sera mis à disposition des
Updated Expert Report) forecasts
Obligataires sous réserve de la signature
(revenues being for each year within
d'une lettre de divulgation sans recours
a +/- 2% range when compared in
conformément aux modalités convenues avec
real terms) and which shall provide
l'Expert Trafic.
updated revenue forecast (in nominal
and real terms) from the year on
which such revenue update was
réception du Rapport d'Expert (ou du Rapport
triggered;
d'Expert Actualisé), l'Émetteur doit fournir à
chacun des Représentants des Masses des
(b)
the Updated Base Case Financial
Obligataires et aux Obligataires :
Outputs, which revenues (in nominal
and in real terms) shall be equal to
(a)
la nouvelle version actualisée des
Prévisions de Chiffre d'Affaires de
Forecast (in nominal and in real
l’Émetteur,
qui
doit
être
terms); and
significativement cohérente avec les
prévisions du Rapport d'Expert (ou
(c)
the revenue certificate from the
du Rapport d'Expert Actualisé) (le
Issuer’s
auditors
and/or
an
chiffre d'affaires de chaque année
Independent Expert, certifying that
devant être compris dans une
forecasted revenues provided under
fourchette de +/- 2 % par rapport aux
données en termes réels), et qui doit
73
fournir des prévisions de chiffre
d'affaires actualisées (en termes
nominaux et réels) à partir de l'année
d'application de ladite actualisation
du chiffre d'affaires ;
4.14
(b)
l'Actualisation
des
Extraits
Financiers du Scénario de Base, dont
le chiffre d'affaires (en termes
nominaux et réels) doit être
équivalent à celui de la nouvelle
version actualisée des Prévisions de
Chiffre d'Affaires de l’Émetteur (en
termes nominaux et réels) ; et
(c)
le certificat de chiffre d'affaires
délivré par les commissaires aux
comptes de l’Émetteur et/ou un
Expert Indépendant, certifiant que le
chiffre d'affaires prévisionnel fourni
dans le cadre de la nouvelle version
actualisée des Prévisions de Chiffre
d'Affaires et de l'Actualisation des
Base soit significativement cohérent
avec les prévisions du Rapport
d'Expert (ou du Rapport d'Expert
Actualisé) (le chiffre d'affaires de
chaque année devant être compris
dans une fourchette de +/- 2 % par
rapport aux données en termes réels).
Forecast and the Updated Base Case
Financial Outputs are materially in
line with the Expert Report (or the
Updated Expert Report) forecasts
(revenues being for each year within
a +/- 2% range when compared in
real
terms).
Prévisions des Coûts de l’Émetteur et 4.14
Actualisation
Issuer
À la Date d'Émission des Obligations,
l'Émetteur doit fournir à chacun des
aux Obligataires les prévisions initiales des
coûts de l'Émetteur, qui comprendront les
hypothèses d'IPC, les coûts opérationnels et
de maintenance, les coûts liés au cycle de vie,
les taxes et le solde du Compte de Réserve de
Gros Entretien jusqu'à la fin de la concession
(les
« Prévisions
des
Coûts
de
l’Émetteur »).
On the Issue Date of the Bonds, the Issuer
shall
provide
each
Bondholders’
Representative and the Bondholders with the
initial Issuer’s cost forecast, which will
provide the CPI assumptions, the operating
and maintenance costs, the lifecycle costs, the
taxes and Major Reserve Account balances
until the end of the concession (the “Issuer
Cost Forecast”).
Cost
Forecast
and
Update
In case of a Cost Forecast Update Event, the
Issuer shall instruct a Technical Advisor to
prepare an Expert Report within 60 days
reviewing and confirming the Issuer cost
projections up to the end of the concession.
Dans le cas d'un Événement donnant lieu à
une Actualisation des Prévisions des Coûts,
l'Émetteur doit demander à un Conseiller
Technique de préparer un Rapport d'Expert
dans un délai de 60 jours, visant à étudier et
confirmer les projections des coûts de
l'Émetteur jusqu'à la fin de la concession.
Following the receipt of such Expert Report,
the Issuer shall inform each Bondholders’
Representatives and the Bondholders that
such Expert Report will be available to
Bondholders subject to the signing of a nonreliance letter under the terms agreed with the
Après réception dudit Rapport d'Expert,
l'Émetteur doit informer chacun des
74
les Obligataires que ledit Rapport d'Expert
sera mis à disposition des Obligataires A sous
réserve de la signature d'une lettre de
divulgation sans recours conformément aux
modalités convenues avec le Conseiller
Technique.
Technical Advisor.
Within the next 30 days following the receipt
of the Expert Report, the Issuer shall provide
the Bondholders’ Representatives and the
Bondholders with:
(i)
the newly updated Issuer
Cost Forecast which shall
provide updated cost forecast
from the month preceding
the date on which such cost
update was triggered;
(ii)
the Updated Base Case
Financial Outputs, which
costs shall be equal to the
newly updated Issuer Cost
Forecast; and
(iii)
the cost certificate from the
Issuer’s auditors and/or an
Independent
Expert,
certifying that forecasted
costs under the newly
updated Issuer Cost Forecast
and the Updated Base Case
Financial
Outputs
are
consistent
with
the
conclusion of the Expert
Report.
réception du Rapport d'Expert, l'Émetteur
doit fournir au Représentant des Masses des
Obligataires et aux Obligataires :
(i)
4.15
la nouvelle version actualisée
des Prévisions des Coûts de
l’Émetteur qui doit fournir
des prévisions des coûts
actualisées à partir du mois
précédant
la
date
d'application
de
ladite
actualisation des coûts ;
(ii)
l'Actualisation des Extraits
Financiers du Scénario de
Base, dont les coûts doivent
être équivalents à ceux de la
nouvelle version actualisée
l’Émetteur ; et
(iii)
un certificat délivré par les
commissaires aux comptes
de l'Émetteur et/ou un Expert
Indépendant, certifiant que
les prévisions de coûts
fournies dans le cadre de la
nouvelle version actualisée
l'Émetteur
et
de
l'Actualisation des Extraits
Financiers du Scénario de
Base sont cohérentes avec les
conclusions du Rapport
d'Expert.
Site Internet de l’Investisseur
4.15
L'Émetteur doit maintenir le libre accès au
site internet dédié aux investisseurs (qui, pour
éviter toute ambiguïté, doit être accessible à
tout Obligataire) (le « Site Internet de
l’Investisseur »). Sans préjudice de ses
obligations de maintenir le Site Internet de
l’Investisseur, l'Émetteur peut désigner un
tiers qui assure en son nom le fonctionnement
et la gestion du Site Internet de l’Investisseur.
Investor Website
The Issuer shall maintain an open access
investor website (which, for the avoidance of
doubt, shall be accessible to all Bondholders)
(the “Investor Website”). Without prejudice
to its obligations to maintain an Investor
Website, the Issuer may designate a third
party to operate and manage the Investor
Website on its behalf.
The Issuer shall ensure that the following is
75
published on the Investor Website, as soon as
it is possible, on a password protected basis
(except for the documents listed in (a) below
which shall be published on an open access
basis), as soon as it is available:
L'Émetteur doit s'assurer que les éléments
suivants sont publiés sur le Site Internet de
l’Investisseur, dès que possible, en protégeant
l'accès par un mot de passe (à l'exception des
documents listés à l'alinéa (a) ci-dessous qui
doivent être en accès libre), dès qu'ils sont
disponibles :
(a)
les états financiers audités ;
(b)
les Extraits Financiers du Scénario de
Base Initial, l'Actualisation des
Base, l'Actualisation du Scénario de
Base Annuel, la Contestation de
Annuel, le Certificat de Conformité,
de l’Émetteur et leur Actualisation, et
les Prévisions des Coûts de
l’Émetteur et leur Actualisation ;
(c)
(d)
toutes les informations devant être
fournies par l'Émetteur à toute
personne conformément à la présente
Condition
4
(« Obligations
d’information »), au moment où
lesdites informations requises en
vertu de la présente Condition 4
(« Obligations
d’information »)
doivent être fournies auxdites
personnes ; et
L'Émetteur doit sans délai, dès qu'il en a
connaissance, informer l'Agent des Sûretés et
les
Représentants
des
Masses
des
Obligataires si :
le Site Internet de l’Investisseur est
inaccessible pendant une période de
cinq Jours Ouvrés ; ou
(f)
le Site Internet de l’Investisseur, ou
toute information sur le Site Internet
de l’Investisseur, est infecté par un
virus informatique ou un logiciel
similaire pendant une période de cinq
audited financial statements;
(b)
Initial Base Case Financial Outputs,
Updated Base Case Financial
Outputs, Annual Base Case Update,
Challenge of the Annual Base Case
Update, Compliance Certificate,
Issuer Revenue Forecast and Update
and Issuer Cost Forecast and Update;
(c)
all information that is required to be
supplied by the Issuer to any person
under this Condition 4 (“Reporting
Covenants”), at the same time as
such information is required under
this Condition 4 (“Reporting
Covenants”) to be supplied to such
person; and
(d)
all other information that is required
under any Condition to be published
on the Investor Website, in
accordance with the relevant
Condition
(including,
without
limitation, any time period specified
in the relevant Condition).
The Issuer shall promptly upon becoming
aware of its occurrence, notify the Security
Agent and the Bondholders’ Representatives
if:
toutes les autres informations,
requises par une des Conditions,
devant être publiées sur le Site
Internet
de
l’Investisseur,
conformément à la Condition
applicable (y compris, mais sans s'y
limiter, toute période visée à la
Condition applicable).
(e)
(a)
(e)
the Investor Website cannot be
accessed for a period of five Business
Days; or
(f)
the Investor Website or any
information on the website is infected
by any electronic virus or similar
software for a period of five Business
Days.
If the circumstances in paragraphs (e) or (f)
above occur, the Issuer shall supply all
information required to be delivered to the
Security Agent and the Bondholders’
Representatives in PDF electronic form.
Any time any information is posted on the
Investor Website, the Issuer shall notify the
Bondholders
and
the
Bondholders’
76
Jours Ouvrés.
Representatives pursuant to Condition 15
(“Notices”) that information has been made
available on the Investor Website.
Si les événements visés aux alinéas (e) ou (f)
ci-dessus surviennent, l'Émetteur doit fournir
toute information requise devant être
transmise à l'Agent des Sûretés et aux
Représentants des Masses des Obligataires
sous format électronique PDF.
À chaque publication d'une information sur le
Site Internet de l’Investisseur, l'Émetteur doit
aviser les Obligataires et les Représentants
des Masses des Obligataires en vertu de la
Condition 15 (« Avis ») que ladite
information est disponible sur le Site Internet
de l’Investisseur.
5.
ENGAGEMENTS DE FAIRE
5.
AFFIRMATIVE COVENANTS
Tant qu'il reste des Obligations A en So long as any of the A Bonds remains outstanding,
circulation, l’Émetteur doit respecter les the Issuer shall comply with the affirmative
obligations de faire stipulées ci-dessous.
covenants set out below.
5.1
5.2
5.3
Obligations Contractuelles
5.1
Les autorisations dont l'Émetteur a besoin
pour (a) signer les Documents de l’Opération
et remplir ses obligations qui en découlent,
(b) garantir la validité et la nature
contraignante et opposable de tout Document
de l'Opération, et (c) réaliser le Projet et gérer
ses activités, détenir et utiliser ses biens et
actifs en lien avec les Documents de
l’Opération, doivent être obtenues, respectées
et maintenues (sauf si dans le cas contraire,
selon toute probabilité raisonnable, cela
n'avait aucun Effet Significatif Défavorable).
The authorisations required (a) for the Issuer to sign
the Transaction Documents and fulfil its obligations
arising thereunder, (b) to ensure the validity and the
binding and enforceable nature of any Transaction
Document, and (c) to carry out the Project and
operate its business, hold or utilise its property and
assets in connection with the Transaction Documents,
shall be obtained, complied with, and maintained
(unless failure to do so is not reasonably likely to
have
a
Material
Adverse
Effect).
Conformité avec les Lois
5.2
L'Émetteur doit respecter toute obligation
juridique, fiscale et réglementaire, y compris
les Lois Environnementales, les Lois et
Réglementations Anti-corruption applicables
et les Lois Contre le Blanchiment d'Argent (à
moins qu'un tel non respect n'est pas
raisonnablement susceptible d'avoir un Effet
Significatif Défavorable).
The Issuer shall comply with any legal, tax and
regulatory obligations, including the applicable
Environmental Laws, applicable Anti-Bribery and
Anti-Corruption Law or regulation and Anti-Money
Laundering Laws (unless failure to do so is not
reasonably likely to have a Material Adverse Effect).
Statuts
et
Existence
Juridique 5.3
Binding Obligations
Compliance with Laws
Constitutional Documents and Corporate
Existence
The Issuer’s existence and limited liability company
structure shall be maintained without prejudice to the
possibility for the Issuer to convert to another limited
liability business structure, provided that the legal
personality of the Issuer is not affected and provided
L'existence et la forme juridique de société à
responsabilité limitée de l'Émetteur doit être
maintenue sans préjudice de la possibilité
pour l'Émetteur d'évoluer vers une autre
forme juridique de société à responsabilité
77
limitée, sous réserve qu'il n'y ait aucune that the A Bonds are not thereby affected.
conséquence sur la personnalité juridique de
l'Émetteur ou sur les Obligations A.
5.4
Documents de Financement et du Projet
5.4
L’Émetteur doit respecter ses obligations en
vertu des Documents de Financement et ses
obligations significatives relatives aux
Documents du Projet et aux Documents
Annexes auxquels il est partie (concernant les
Documents Annexes, dans la mesure où un
cas de non-conformité n'aurait aucun Effet
Significatif Défavorable).
The Issuer shall comply with its obligations under the
Finance Documents and its material obligations in
respect of the Project Documents and the Ancillary
Documents to which it is a party (in respect of the
Ancillary Documents, to the extent such noncompliance would not constitute a Material Adverse
Event).
The Issuer shall enforce its rights in respect of the
Project Documents and the Ancillary Documents in a
timely manner and shall not waive any rights where
such a waiver or failure to enforce such rights could
reasonably have a Material Adverse Effect.
L'Émetteur doit exercer ses droits relatifs aux
Documents du Projet et aux Documents
Annexes dans délais convenables, et ne peut
pas renoncer à ses droits si une telle
renonciation ou un défaut d’exercice desdits
droits pourrait raisonnablement avoir un Effet
Significatif Défavorable.
5.5
5.6
5.7
Finance and Project Documents
Comptes du Projet
5.5
Project accounts
L'Émetteur doit gérer ses livres comptables,
ses relevés et registres bancaires en
conformité avec les lois applicables de
manière à garantir, concernant ses livres
comptables, la fiabilité et la sincérité de sa
situation financière, de ses résultats et de ses
activités.
The Issuer should maintain its books, bank statements
and records in compliance with applicable laws so as
to ensure, with respect to its books, the truth and
fairness of its financial position, performance and
business.
Compte Opérationnel
5.6
Les montants liés au Projet doivent être
versés sur le Compte Opérationnel (ou sur le
Compte de Transit 1 et le Compte de Transit
2 concernant les paiements de péage par carte
bancaire) et le Compte Opérationnel doit être
géré conformément aux Documents de
Financement, et les règles comptables
doivent être respectées.
The sums relating to the Project shall be paid to the
Operating Account (or to the Operating Transit 1
Account and, once opened the Operating Transit 2
Account with respect to toll payments by credit cards)
and the Operating Account shall be maintained in
accordance with the Finance Documents, and the
account
rules
shall
be
complied
with.
Accès au site et aux archives du projet
5.7
Les Représentants des Masses des
Obligataires et leurs conseillers respectifs,
ainsi que les Obligataires (et/ou leur société
de gestion d’actif) auxquels l’accès a été
accordé doivent, sur demande desdits
Obligataires après une Résolution Ordinaire,
obtenir l'accès:
The Bondholders’ Representatives, their respective
advisors and the Bondholders (and/or their asset
management company) which are willing to be
granted an access shall, upon the relevant
Bondholders’ request following an Ordinary
Resolution, be granted access to:
Operating Account
Access to project site and records
(i)
(i) une fois par an (et à tout moment, tant
qu’un Cas d’Exigibilité Anticipée
survient et se poursuit), au site du Projet
78
once a year (and at any time for so
long as an Event of Default has
occurred and is continuing) the
Project site and a presentation from
et à une présentation par le management
de l’Émetteur, dans chaque cas, durant
les heures normales de travail et à la
condition d’une notification préalable
raisonnable
adressée
par
lesdits
Représentants
des
Masses
des
Obligataires à l’Émetteur; et
the management of the Issuer, in each
case, during normal work hours and
subject to reasonable prior notice to
the Issuer from the relevant
Bondholders’ Representative(s),
(ii)
for so long as an Event of Default has
occurred and is continuing, the
Issuer's accounting records and the
records relating to the Project,
(ii) tant qu’un Cas d’Exigibilité Anticipée
survient et se poursuit, aux archives
comptables de l’Émetteur et aux archives
and the Issuer shall cooperate with the relevant
relatives au Projet,
Bondholders’ Representatives and/or, as the case may
et l’Émetteur s'engage à coopérer avec lesdits be,
its
advisors
and/or
auditors.
Représentants des Masses des Obligataires
et/ou, selon le cas, avec leurs conseillers
et/ou commissaires aux comptes.
5.8
5.9
5.10
Notation
5.8
Rating
L’Émetteur doit maintenir une notation de sa
créance senior long terme délivrée par
l’Agence de Notation (ou par tout autre
agence de notation réputée) sur la base d’un
examen annuel effectué par ladite Agence de
Notation suivant la Date d’Émission, tant que
les Obligations A ne sont pas remboursées.
The Issuer shall maintain a rating of its long-term
senior debt by the Rating Agency (or any reputable
successor rating agency) on the basis of an annual
review to be undertaken by such rating agency
following the Issue Date for so long as any of the A
Bonds
are
outstanding.
Clause d'égalité de traitement (pari passu)
5.9
L’Émetteur doit toujours veiller à ce que les
créances des Obligataires A soient au moins
de rang égal avec les créances de tous ses
autres créanciers non garantis et non
subordonnés, à l'exception des créanciers
dont les créances sont obligatoirement
prioritaires en application de la loi.
The Issuer shall ensure that, at all times, the claims of
the holders of the A Bonds against it rank at least pari
passu with the claims of all its other unsecured and
unsubordinated creditors, except those creditors
whose claims are mandatorily preferred by law.
Centre des Intérêts Principaux
5.10
Pari Passu Ranking
Centre of Main Interests
Conformément
au
règlement
(CE) The Issuer shall maintain its “centre of main
N°1346/2000 du Conseil du 29 mai 2000, interests” for the purposes of Council Regulation
l'Émetteur doit conserver son « centre des (EC) No. 1346/2000 of 29 May 2000 in France.
intérêts principaux » en France.
5.11
Assurance
5.11
L’Émetteur doit (i) maintenir une couverture
adaptée en matière d'assurance pendant toute
la durée du Contrat de Concession
conformément au droit applicable, aux
bonnes pratiques sectorielles et aux
Documents du Projet, (ii) verser toutes les
primes payables en vertu de l'ensemble des
polices d'assurance, et (iii) à la demande d'un
Représentant d’une des Masses des
Obligataires A apporter la preuve du
The Issuer shall (i) maintain suitable insurance
coverage throughout the term of the Concession
Agreement in compliance with applicable laws, good
industry practice and the Project Documents, (ii) pay
all premiums payable in respect of all insurance
policies, and (iii) at the request of the A Bondholders’
Representative, provide evidence that premiums have
been paid under the insurance policies.
79
Insurance
versement des primes prévues par les polices
d'assurance.
5.12
5.13
5.14
Déclaration de sinistre
5.12
L’Émetteur doit s'assurer que les indemnités
liées à des déclarations de sinistre (couvrant
uniquement les dommages aux biens) soient
versées sur le Compte Indemnités
d'Assurance et doit (i) affecter lesdits
montants
au
remplacement,
au
renouvellement et/ou à la restauration des
biens perdus ou endommagés qui ont
nécessité le versement desdites indemnités
d'assurance dans un délai de douze (12) mois
à compter de la réception des indemnités
(sous réserve que dans le cas contraire il soit
procédé à un remboursement obligatoire tel
que
prévu
à
la
Condition
9.6
(« Remboursement
obligatoire
après
réception des indemnités d'assurance »)), ou
(ii) à la réception desdites indemnités, dans la
mesure où le bien perdu ou endommagé ne
peut être rétabli ou restauré, affecter lesdits
montants au remboursement anticipé des
Obligations A, qui doit intervenir à la date la
plus éloignée entre (y) le trentième (30e) Jour
Ouvré suivant la réception desdites
indemnités, et (z) à la Date de Paiement des
Obligations survenant immédiatement aprés
la date de réception desdites indemnités.
The Issuer shall cause that proceeds from insurance
claims (covering property damage only) to be
credited to the Insurance Proceeds Account and shall
(i) apply such amounts in the reinstatement
replacement and/or restoration of the lost or damaged
property that gave rise to such insurance proceeds
within twelve (12) months from receipt thereof
(provided that failure to do so will result in the
occurrence of a mandatory redemption event as per
Condition 9.6 (“Mandatory redemption following
receipt of insurance proceeds”)) or (ii) upon receipt
thereof, in case the lost or damaged property cannot
be reinstated or restored, apply such amounts to the
early redemption of the A Bonds at the latest on (y)
the thirtieth (30th) Business Day upon receipt thereof
and (z) the Bonds Payment Date falling immediately
after
receipt
thereof.
Maintien de la Cotation
5.13
L'Émetteur s'engage à faire tout son possible
pour maintenir la cotation des Obligations A1
sur Alternext. Si la cotation des Obligations
A1 sur Alternext cesse, l'Émetteur doit faire
tout son possible pour faire admettre les
Obligations A1 à la cotation sur un autre
système multilatéral de négociation de
l'Union Européenne considéré comme
satisfaisant pour le Représentant des Masses
des Obligataires A1.
The Issuer undertakes to use its best endeavours to
maintain the listing of the A1 Bonds on Alternext. If
any A1 Bonds cease to be listed on Alternext, the
Issuer shall use its best endeavours to list the A1
Bonds on such other exchange in the European Union
to the satisfaction of the A1 Bondholders’
Representative.
Rehaussement de crédit précédent
5.14
L’Émetteur doit s'assurer au plus tôt après la
Date d’Emission qu’il a été libéré de toute
responsabilité ou obligation à l’égard
d’Assured Guaranty (Europe) Ltd au titre du
contrat de remboursement et la lettre relative
à la prime conclus en date du 28 juin 2002
entre l’Emetteur, Alis Finance et Assured
Guaranty (Europe) Ltd (à l’époque, Financial
Security Assurance (U.K.) Limited), en lien
avec le financement contracté en 2002.
The Issuer shall ensure that promptly upon the
occurrence of the Issue Date, it is discharged from
any liability or obligation towards Assured Guaranty
(Europe) Ltd under the reimbursement agreement and
the premium letter entered into on 28 June 2002
between the Issuer, Alis Finance and Assured
Guaranty (Europe) Ltd (previously named Financial
Security Assurance (U.K.) Limited) as part of the
debt
financing
contracted
in
2002.
80
Insurance claims
Maintenance of Listing
Previous Credit Enhancement
5.15
Comptes
5.15
Accounts
L'Émetteur doit ouvrir (s'ils n'ont pas encore The Issuer shall open (to the extent not already
été ouverts) et gérer les comptes espèces opened) and maintain the following cash accounts
suivants (ensemble, les « Comptes Espèces (together, the “Issuer Cash Accounts”):
Émetteur ») :
(a)
the Operating Account;
(a)
le Compte Opérationnel ;
(b)
the Grantor Penalty Account;
(b)
le Compte de Pénalités Concédant ;
(c)
the A Bonds Debt Service Reserve
(c)
le Compte de Réserve du Service de
Account;
la Dette des Obligations A ;
(d)
the A2 Bonds Redemption Reserve
(d)
le Compte de Réserve pour
Account;
l'Amortissement des Obligations A2 ;
(e)
the
Distribution
Shareholder
(e)
le
Compte
de
Distribution
Account;
Actionnaire ;
(f)
the Subordinated Payments Account;
(f)
le
Compte
des
Paiements
(g)
the Insurance Proceeds Account;
Subordonnés ;
(g)
le Compte Indemnités d'Assurance ;
(h)
(h)
le Compte de Transit 1 (en vue de la
perception des droits de péage par
cartes de crédit) ;
the Operating Transit 1 Account (for
the purpose of collecting toll
payments by credit cards);
(i)
si besoin est, pour des raisons
opérationnelles après la Date
d’Emission, le Compte de Transit 2
(en vue de la perception des droits de
péage par cartes de crédit) ;
if needs be for operational reasons
after the Issue Date the Operating
Transit 2 Account (for the purpose of
collecting toll payments by credit
cards);
(j)
the Major Maintenance
Account; and
le Compte de Réserve de Gros
Entretien ; et
(k)
the Equity Cure Account.
(i)
(j)
Reserve
The Issuer shall open (to the extent not already
opened) and maintain the following securities
L'Émetteur doit ouvrir (s'il ne les a pas déjà accounts (comptes-titres) (together, the “Issuer
ouverts) et gérer les comptes Titres suivants Securities Accounts”):
(ensemble,
les
« Comptes
Titres
(a)
the Operating Securities Account;
Émetteur ») :
(k)
le Compte Equity Cure.
(a)
le Compte Titres Opérationnel ;
(b)
the Grantor
Account;
(b)
le Compte
Concédant ;
(c)
the A Bonds Debt Service Reserve
Securities Account;
(d)
the A2 Bonds Redemption Reserve
Securities Account;
(e)
the
Distribution
Securities Accounts;
(c)
(d)
Titres
de
Penalty
Securities
Pénalité
le Compte Titres de Réserve du
Service de la Dette des Obligations
A;
le Compte Titres de Réserve de pour
l'Amortissement des Obligations A2 ;
81
Shareholder
6.
(e)
le Compte Titres de Distribution
Actionnaire ;
(f)
the Subordinated Payments Securities
Account;
(f)
le Compte Titres des Paiements
Subordonnés ;
(g)
the Insurance Proceeds Securities
Account; and
(g)
le Compte
d'Assurance ;
(h)
the Major
Securities
(h)
le Compte Titres de Réserve de Gros
Entretien ;
Titres
Indemnités
ENGAGEMENTS DE NE PAS FAIRE
6.
Maintenance
Reserve
Account.
NEGATIVE COVENANTS
Tant qu'il reste des Obligations A en So long as any of the A Bonds remains outstanding,
circulation, l’Émetteur doit respecter les the Issuer shall comply with the negative covenants
engagements de ne pas faire stipulées ci- set
out
below.
dessous.
6.1
Changement d'Activités
6.1
Change of Business
L’Émetteur s'engage à n'exercer aucune The Issuer undertakes to carry on no business other
activité autre que le Projet et les Activités than the Project and the Permitted Business.
Autorisées.
6.2
Dissolution
6.2
Dissolution
L’Émetteur s’interdit de prendre toute mesure The Issuer shall not take any steps, corporate
ou autorisation sociales pour déclarer sa authorisations or otherwise, to declare its dissolution
dissolution ou liquidation.
or liquidation.
6.3
Distributions
6.3
Distributions
L’Émetteur s’interdit de procéder à une The Issuer shall not make any Distribution unless in
Distribution autrement que conformément et accordance with, and subject to the conditions of the
sous réserve des conditions de l’Ordre des Waterfall and the Subordinated Waterfall.
Paiements et de l’Ordre des Paiements
Subordonnés.
6.4
6.5
Statuts
6.4
L’Émetteur s’interdit de modifier ses statuts
d'une manière qui pourrait raisonnablement
avoir un Effet Significatif Défavorable sans
l'accord préalable des Obligataires A.
The Issuer shall not change its constitutive documents
(statuts) in a way that could reasonably have a
Material Adverse Effect without the prior consent of
the A Bondholders.
Amendements aux Documents du Projet
6.5
Sauf disposition contraire stipulée dans les
Documents financiers et sous réserve de la
Condition 6.4 (« Statuts ») ci-dessus et de la
Condition 6.6 (« Amendements au Contrat
d’Exploitation-Maintenance »)
ci-dessous,
l’Émetteur s’interdit de (i) procéder à des
modifications (autres que les modifications
des Documents du Projet qui sont techniques,
mineures ou qui n'affectent pas de manière
Unless otherwise agreed under the Finance
Documents and subject to Condition 6.4
(“Constitutional Documents”) above and Condition
6.6 (“Amendments to the O&M Contract”) below, the
Issuer shall not (i) make any modification (other than
modifications of the Project Documents that are
technical, minor or do not adversely affect the
interests of the A Bondholders) or (ii) early terminate
any of the Project Documents (other than the SAPN
82
Constitutional Documents
Amendments to Project Documents
significative les intérêts des Obligataires A)
ou (ii) résilier par anticipation l'un
quelconque des Documents du Projet (autres
que la Convention SAPN, dans la mesure où
ladite résiliation ne pourrait raisonnablement
avoir un Effet Significatif Défavorable) à
moins que, en cas de résiliation anticipée d'un
Document du Projet (autre que le Contrat de
Concession), celui-ci soit remplacé dans un
délai de trois (3) mois, sous réserve de la
conclusion d’accords relatifs aux sûretés
substantiellement similaires aux accords
existants, et de l'accord du Concédant, dans le
cas où le Contrat de Concession l'exige.
6.6
Agreement to the extent that such termination could
not reasonably have a Material Adverse Effect)
unless, in the case of the early termination of a
Project Document (other than the Concession
Agreement), it is replaced within a period of three (3)
months, subject to entry into security arrangements
substantially similar to the existing ones and, if
required under the Concession Agreement, to the
Grantor’s
consent.
Amendements au Contrat d’Exploitation- 6.6
Maintenance
L’Émetteur s’interdit de modifier, résilier ou
renouveler le Contrat d’ExploitationMaintenance à moins que (i) le Conseiller
Technique n'ait confirmé aux Représentants
des Masses des Obligataires que la nouvelle
version, la version renouvelée ou modifiée du
Contrat d’Exploitation-Maintenance (et, le
cas échéant, le nouvel opérateur) est
acceptable pour lui, ayant établi que (x) il a
été conclu à des conditions normales
conformément aux pratiques du marché, (y)
l’Exploitant ou le(s) nouveau(x) opérateur(s)
au titre de la nouvelle version, la version
renouvelée ou la version modifiée du Contrat
d’Exploitation-Maintenance assume(nt) des
obligations substantiellement similaires aux
obligations
découlant
du
Contrat
d’Exploitation-Maintenance et (z) le montant
total des coûts engagés par l’Émetteur à
l’issue d’une telle modification ou d’un tel
renouvellement n’est pas supérieur à dix pour
cent (10%) au-delà des Extraits Financiers du
Scénario de Base Initial ou des Prévisions des
Coûts de l’Émetteur ou (ii) si le Conseiller
technique n'a pas approuvé le nouveau
Contrat d’Exploitation-Maintenance, son
renouvellement ou sa modification (et, le cas
échéant le nouvel opérateur), la nouvelle
version, la version renouvelée ou modifiée du
Contrat d’Exploitation-Maintenance (et, le
cas échéant, le nouvel opérateur) a été
approuvée par une Résolution Ordinaire des
Obligataires A ; sous réserve que, si le
Contrat de Concession l'exige, le Concédant
ait
approuvé
le
nouveau
Contrat
d’Exploitation-Maintenance,
son
renouvellement ou sa modification (et, le cas
échéant le nouvel exploitant).
Amendments
to
the
O&M
Contract
The Issuer shall not make any modification,
termination or renewal of the O&M Contract unless
(i) the Technical Advisor has confirmed to the
Bondholders’ Representatives that the new, renewed
or modified version of the O&M Contract (and, as the
case may be, new operator) is acceptable to it, having
determined that (x) it has been concluded on arm’s
length terms in compliance with market standards,
(y) the O&M Operator or new operator(s) under the
new, renewed or modified version of the O&M
Contract assume(s) substantially similar obligations
than those contemplated in the O&M Contract and
(z) the total costs incurred by the Issuer as a result of
such modification or renewal is not higher than ten
per cent. (10%) above the Base Case Financial
Outputs or Issuer Cost Forecast, or (ii) if the
Technical Advisor has not approved the new, renewal
or modification of the O&M Contract (and, as the
case may be, new operator), the new, renewed or
modified version of the O&M Contract (and, as the
case may be, new operator) has been approved by an
Ordinary Resolution of the A Bondholders; provided
that, if required under the Concession Agreement, the
Grantor approved the new, renewal or modification of
the O&M Contract (and, as the case may be, the new
O&M
Operator).
83
6.7
Nouveaux Accords
6.7
New Agreements
L'Émetteur s’interdit de conclure tout accord The Issuer shall not enter into any agreement other
autre que les Documents de l’Opération et les than the Transaction Documents and the Ancillary
Documents Annexes.
Documents.
6.8
Sûretés
6.8
Security interest
L’Émetteur s’interdit d’octroyer toute sûreté The Issuer shall not grant any Security other than
autre que les Sûretés Autorisées.
Permitted Security Interests.
6.9
Endettement Financier
6.9
Financial Indebtedness
L’Émetteur s’interdit de contracter ou The Issuer shall not incur or allow to remain
prendre en charge une dette autre que outstanding any indebtedness other than Permitted
Financial Indebtedness.
l'Endettement Financier Autorisé.
6.10
6.10
Investissements Restreints et prêts
Restricted Investments and loans
L’Émetteur s’interdit d’investir dans, détenir The Issuer shall not invest in, own or otherwise
ou participer de toute autre manière à des participate in any investments or loans other than
Investments.
investissements ou prêts autres que les Permitted
Investissements Autorisés.
6.11
6.11
L’Émetteur s’interdit d’ (i) acquérir des
actions ou titres d'un tiers (y compris des
prises de participation) ou (ii) acquérir tout
autre actif ou engager des dépenses
d'investissement, à l'exception des Capex
Autorisés.
The Issuer shall not (i) enter into any acquisition of
shares or securities in a third-party entity (including
equity investments) nor (ii) acquire any other assets
or make any capital expenditures except for the
Permitted Capex.
6.12
6.12
6.13
6.14
Acquisition – Capex
Acquisition – Capex
Corporate Restructuring
Restructuration de l'entreprise
The Issuer shall not enter into any demerger, spin-off,
L’Émetteur s’interdit d’initier toute scission, or other corporate restructuring (including merger and
transactions).
vente ou autre opération de restructuration de similar
l'entreprise (y compris toute fusion ou
opération similaire).
6.13
Guarantee and commitments
Garantie et engagements
The Issuer shall not issue any guarantee or enter into
L’Émetteur s’interdit d’émettre des garanties off-balance-sheet commitment other than in
ou de prendre des engagements hors bilan compliance with the Transaction Documents.
autrement qu'en conformité avec les
Documents de l’Opération.
Cessions
6.14
L’Émetteur s’interdit de conclure une
opération unique ou une série d'opérations,
liées ou non, volontaires ou involontaires,
pour vendre, louer, transférer ou céder de
toute autre manière tout actif autre que les
Cessions Autorisées.
The Issuer shall not enter into a single transaction or a
series of transactions, whether related or not and
whether voluntary or involuntary, to sell, lease,
transfer or otherwise dispose of any asset other than
the
Permitted
Disposals.
84
Disposals
6.15
6.16
Comptes du Projet
6.15
Project Accounts
L’Émetteur s’interdit d’ouvrir ou de
maintenir des comptes bancaires autres que
les Comptes du Projet (à l'exception du
compte de compensation et du compte de
liquidités en transit ouvert avant la Date
d’Émission aux fins du financement existant
qui sera clos au plus tard 90 Jours Ouvrés
après la Date d’Émission).
The Issuer shall not open or maintain any bank
accounts other than the Project Accounts (except the
compensation account and transit cash account
opened before the Issue Date for the purpose of the
existing financing which will be closed no later than
90 Business Days after the Issue Date).
Documents du Projet
6.16
Project Documents
L’Émetteur s’interdit de changer la nature The Issuer shall not change the nature of the Project
du Projet ou de soumettre des propositions à nor submit a proposal in this regard (with the
cet égard (à l'exception de modifications exception of minor or technical modifications).
mineures ou techniques).
6.17
6.17
Clôture d'exercice
Financial year end
L’Émetteur s’interdit de modifier sa date de The Issuer shall not change its financial year end.
clôture d'exercice.
6.18
6.18
Co-entreprises
Joint Ventures
L’Émetteur s’interdit de souscrire, investir The Issuer shall not enter into, invest in or acquire (or
ou acquérir (ou accepter d'acquérir) des agree to acquire) any shares, stocks, securities or
interest
in
any
joint
venture.
actions, parts, valeurs mobilières ou autres other
titres d'une quelconque co-entreprise.
6.19
6.19
Réduction de capital
Reduction of capital
L’Émetteur s’interdit de procéder à toute The Issuer shall not enter into any reduction of capital
save for losses.
réduction de capital sauf en cas de pertes.
6.20
6.20
Contrat de Concession
Concession agreement
L’Émetteur s’interdit d’accepter le transfert The Issuer shall not agree to the transfer of the
Concession Agreement by the Grantor.
du Contrat de Concession par le Concédant.
6.21
6.21
Emploi du produit
Use of proceeds
The proceeds arising from the issuance of the A
Bonds, together with the cash available to the Issuer
(including through the release of existing reserve and
security accounts) are intended to refinance in full
(including by way of buy-back and exchange) the
current senior debt financing (i.e. all class A bonds
under the current senior debt financing) and pay the
transaction costs, fees (including break costs, if any)
and working capital relating to the transaction as well
as to make the payments to the A Bonds Debt Service
Reserve Account and the Major Maintenance Reserve
Account in accordance with the terms of the
Transaction Documents.
Les produits découlant de l'émission des
Obligations A, ainsi que les liquidités à la
disposition de l'Émetteur (y compris du fait
de la libération de comptes de réserve et de
titres existants) visent à refinancer en
intégralité (y compris par le biais d'un rachat
et d'un échange) l’actuel financement
obligataire
senior
(c'est-à-dire
toutes
obligations de catégorie A de l'actuel emprunt
obligataire senior) et à payer les coûts et les
frais de transaction (y compris les coûts de
réemploi et le fonds de roulement, le cas
échéant) afférents à l'opération et à faire les
paiements sur le Compte de Réserve du
Any surplus (if any) shall be allocated to discharge
85
Service de la Dette des Obligations A et le the following items (in the following order of
Compte de Réserve de Gros Entretien priority):
conformément aux termes des Documents de
(a)
first, any interest due but unpaid on
l’Opération.
the SAPN Tranche 1 Debt;
Tout excédent (éventuel) doit être affecté à
(b)
second, any scheduled principal
l'apurement des éléments suivants (dans
amortization
due
but
unpaid
l'ordre de priorité suivant) :
(including any capitalised interest) on
(a)
premièrement, tous les intérêts dus
the SAPN Tranche 1 Debt;
mais non remboursés au titre la
(c)
third, any interest due but unpaid on
Tranche 1 de l'Emprunt SAPN ;
the existing B bonds;
(b)
deuxièmement, tout amortissement
(d)
fourth, any scheduled principal due
de principal programmé dû mais non
but unpaid (including any capitalised
remboursé (y compris les intérêts
interest) on the existing B bonds;
capitalisés) sur la Tranche 1 de
l'Emprunt SAPN ;
(e)
fifth, replenishment of the B Bond
DSRA;
(c)
troisièmement, les intérêts dus mais
non versés au titre des Obligations B
(f)
sixth, prepayment of the remaining
existantes ;
SAPN Tranche 1 Debt (including any
capitalised and accrued interest);
(d)
quatrièmement,
tout
principal
programmé dû mais non remboursé
(g)
seventh, prepayment of the remaining
(y compris les intérêts capitalisés) au
existing B bonds (including any
titre des Obligations B existantes ;
capitalised and accrued interest); and
(e)
cinquièmement, la reconstitution du
(h)
eighth, payment of any interest and
CSRD des Obligations B ;
prepayment
of
principal
on
Shareholder Loans and SAPN
(f)
sixièmement, le remboursement
Tranche 2 Debt on a pari passu basis.
anticipé de la Tranche 1 de l'emprunt
SAPN (y compris les intérêts
The Issuer shall not use of the proceeds of any Bond,
capitalisés et accrus) ;
nor lend, contribute or otherwise make available all
(g)
septièmement, le remboursement or part of such proceeds, to any subsidiary, joint
anticipé des Obligations B existantes venture partner or other person for the purpose of
restantes (y compris les intérêts financing the activities of or business of any person
currently
subject
to
any
Sanctions.
capitalisés et courus) ; et
(h)
huitièmement, le paiement des
intérêts et le remboursement anticipé
des Prêts d'associés et de la Tranche
2 de l'emprunt SAPN sur une base
pari passu.
L'Émetteur s’interdit d’utiliser les produits
d'une Obligation, de prêter, de donner ou de
tenir à disposition de toute autre manière tout
ou partie desdits produits en faveur d'une
filiale, d'un partenaire de co-entreprise ou de
toute autre personne pour financer les
activités ou affaires de toute personne faisant
actuellement
l'objet
de
Sanctions.
86
7.
INTÉRÊTS
7.
INTEREST
7.1
Intérêts sur les Obligations A1
7.1
Interest on the A1 Bonds
Chaque Obligation A1 porte intérêts à
compter de la Date d'Émission (incluse)
jusqu’à la Date d’Échéance des Obligations
A1 (exclue) et les intérêts sont calculés sur le
Montant en Principal Restant Dû à un taux
fixe de 2,485 % par an déterminé à la Date de
Détermination du Prix (le « Taux d'Intérêt
des
Obligations
A1 »),
payables
semestriellement à terme échu à chaque Date
de Paiement des Obligations. Il y aura un
premier coupon court au titre de la période
d’intérêt courant de la Date d’Emission
(incluse) à la première Date de Paiement des
Obligations tombant le 31 janvier 2017.
Each A1 Bond bears interest from and including the
Issue Date to but excluding the A1 Bonds Maturity
Date and interest is calculated on the then Principal
Outstanding Amount at a fixed rate of 2.485 per cent.
per annum determined on the Pricing Date (the “A1
Bonds Interest Rate”), payable semi-annually in
arrears on each Bonds Payment Date. There will be a
short first coupon in respect to the first interest period
from and including the Issue Date to but excluding
the Bonds Payment Date falling on 31 January 2017.
When interest is to be calculated in respect to a period
which is shorter than six months, it shall be calculated
on an Actual/Actual (ICMA) basis, i.e. on the basis of
the number of days in the relevant period, from and
including the date from which interest begins to
accrue to but excluding on which it falls due, divided
by the number of days in the interest period in which
the relevant period falls (including the first such day
but excluding the last) and the number of interest
period
normally
ending
in
any
year.
Lorsque les intérêts doivent être calculés pour
une période inférieure à six mois, ils sont
calculés sur une base « Actual/Actual
(ICMA) », ie. sur la base du nombre de jours
de la période concernée, à compter de (et y
compris) la date à laquelle les intérêts
commencent à courir, mais excluant la date à
laquelle ils arrivent à échéance, divisé par le
nombre de jours de la période d'intérêt au
cours de laquelle la période concernée
survient (y compris le premier jour, mais
excluant le dernier) et le nombre de périodes
d'intérêts se terminant normalement au cours
d'un exercice.
7.2
8.
Intérêts en Cas d’Exigibilité Anticipée
7.2
Si le remboursement du principal ou des
intérêts est abusivement retenu ou refusé, les
intérêts continueront de courir (aussi bien
avant qu'après un éventuel jugement) au Taux
d'Intérêt des Obligations A1 plus une marge
de 2 % par an conformément aux modalités
de la présente Condition jusqu’à la date
concernée.
If any repayment of principal or interest is improperly
withheld or refused, interest shall continue to accrue
(after as well as before judgment) on such amounts at
the A1 Bonds Interest Rate plus a margin of 2 per
cent. per annum in the manner provided in this
Condition
up
to
the
relevant
date.
FISCALITÉ
8.
Tous les paiements en principal, intérêts et
autres produits par ou pour le compte de
l'Émetteur afférents aux Obligations A1
doivent être effectués libres de toute taxe, et
sans retenue ni déduction de taxes, droits, ou
charges gouvernementales de quelque nature
que ce soit imposés, perçus ou retenus en
France ou par toute autorité de celle-ci ayant
le pouvoir de taxer, à moins que ledit
All payments of principal, interest and other revenues
by or on behalf of the Issuer in respect of the A1
Bonds shall be made free and clear of, and without
withholding or deduction for, any taxes, duties,
assessments or governmental charges of whatever
nature imposed, levied, collected, withheld or
assessed by or within France or any authority therein
or thereof having power to tax, unless such
withholding or deduction is required by law.
87
Default interest
TAXATION
prélèvement ou ladite retenue ne soient requis
If French law should require that payments of
par la loi.
principal or interest in respect of any A1 Bond be
Si la loi française impose que les paiements subject to deduction or withholding in respect of any
du principal ou des intérêts de toute present or future taxes or duties whatsoever, the
Obligation A1 fassent l'objet d'une déduction Issuer will, to the fullest extent then permitted by law,
ou d'une retenue concernant les taxes ou pay such additional amounts as shall result in receipt
droits présents ou futurs quels qu'ils soient, by the A1 Bondholders, of such amounts as would
l’Émetteur s'engage, dans toute la mesure have been received by them had no such withholding
permise par la loi, à majorer ses paiements de or deduction been required, except that no such
sorte que les Obligataires A1 perçoivent additional amounts shall be payable with respect to
l'intégralité des sommes qui leur auraient été any A1 Bond to, or to a third party on behalf of, an
versées en l'absence d'un tel prélèvement ou A1 Bondholder who is liable to such taxes or duties
d'une telle retenue, étant précisé que by reason of it having some connection with the
l’Émetteur ne sera pas tenu de majorer les Republic of France (other than the mere holding of
paiements relatifs à toute Obligation A1 dans the
A1
Bond(s)).
le cas où un Obligataire A1, ou un tiers
agissant en son nom, est redevable en France
desdites taxes ou droits (autrement que du
simple fait de la détention des Obligations
A1).
9.
REMBOURSEMENT,
OPTIONS
RACHAT
ET 9.
REDEMPTION,
OPTIONS
PURCHASE
AND
9.1
Remboursement Fractionné
9.1
Chaque Obligation A1 doit, sous réserve d'un
remboursement anticipé (qu'il soit obligatoire
ou non), d'un rachat et d'une annulation ou
d'une exigibilité anticipée des Obligations A1
conformément aux présentes Conditions, être
amorti par remboursements semestriel à
chaque Date de Paiement des Obligations,
d’un montant applicable à chaque Obligation
A1 (« Montant d'Amortissement ») en
Annexe 1 (Montant d’Amortissement des
Obligations A1) aux Conditions, jusqu’au 31
juillet 2046 (inclus) (la « Date d’Échéance
des Obligations A1 »).
Each A1 Bond shall, subject to any early redemption
(whether mandatory or not), repurchase and
cancellation or acceleration of the A1 Bonds pursuant
to these Conditions, be repaid in semi-annual
instalments on each Bonds Payment Date in the
amounts per A1 Bond (each, an “Amortisation
Amount”) as set out in schedule 1 (A1 Bonds
Amortisation Amounts) to the Conditions, up to and
including 31 July 2046 (the “A1 Bonds Maturity
Date”).
Redemption by Instalments
The table set out in schedule 1 (A1 Bonds
Amortisation Amounts) to the Conditions shall be
deemed to be amended in case of a partial redemption
Le tableau en Annexe 1 (Montant of A1 Bonds to take into account the reduction in the
d’Amortissement des Obligations A1) aux denomination
of
each
A1
Bond.
Conditions est réputé être modifié en cas de
remboursement partiel d'Obligations A1 pour
prendre en compte la réduction de la valeur
nominale de chaque Obligation A1.
9.2
Remboursement volontaire à l'option de 9.2
l'Émetteur
L'Émetteur peut, sous réserve du respect par
l'Émetteur de toutes les lois applicables et
d’un préavis irrévocable, d'un minimum de
30 jours calendaires et d'un maximum de 60
jours calendaires, adressé au Représentant de
la Masse des Obligataires A1 et aux
Voluntary redemption at the option of the
Issuer
The Issuer may, subject to compliance by the Issuer
with all applicable Laws, and on giving not less than
30 and not more than 60 calendar days’ irrevocable
notice to the A1 Bondholders’ Representative and the
A1 Bondholders in accordance with Condition 15
(“Notices”), the Security Agent, the Paying Agent
88
Obligataires A1 conformément à la Condition
15 (« Notifications »), à l'Agent des Sûretés, à
l'Agent Payeur et à l'Agent de Calcul,
rembourser les Obligations A1 (en tout ou
partie et, en cas de remboursement partiel,
ledit remboursement partiel doit s'élever à au
moins 10.000.000 d’euros (et être un multiple
entier du nombre d’Obligations A1 en
circulation) à toute date de remboursement
coïncidant avec une Date de Paiement des
Obligations. Tout remboursement des
Obligations A1 s'élèvera au Montant de
Remboursement
des
Obligations
A1
applicable (majoré des intérêts courus jusqu'à
la date de remboursement (non incluse)).
and the Calculation Agent, redeem the A1 Bonds (in
all or in part and, in the case of a partial redemption,
such partial redemption shall be of at least
€10,000,000 (and being an integral multiple of the
number of A1 Bonds outstanding) in aggregate
principal amount of A1 Bonds to be redeemed) on
any redemption date falling on a Bonds Payment
Date. Any such redemption of the A1 Bonds shall be
at the applicable A1 Bonds Redemption Amount
(together with interest accrued to (but excluding) the
redemption date.
In the case of a partial redemption of any A1 Bonds,
the part of the Principal Outstanding Amount (as at
the redemption date) of the A1 Bonds so redeemed
(excluding the Amortisation Amount (if any) due in
respect of such A1 Bonds on the date of redemption
pursuant to Condition 9.1 (“Redemption by
Instalments”)) shall be applied to reduce the
remaining Amortisation Amounts in respect of such
A1 Bond, on a pro rata basis; and the reduced
Amortisation Amounts shall, if necessary, be rounded
upwards or downwards to the nearest cent, at the
discretion of the Issuer, so that the sum of the reduced
Amortisation Amounts, as so rounded, is equal to the
Principal Outstanding Amount of A1 Bonds
following their partial redemption as provided in the
previous
paragraph.
En
cas
de
remboursement
partiel
d'Obligations A1, la part du Montant en
Principal Restant Dû (à la date de
remboursement) des Obligations A1 ainsi
remboursées
(hors
le
Montant
d'Amortissement (éventuel) dû au titre
desdites Obligations A1 à la date de
remboursement conformément à la Condition
9.1 (« Remboursement Fractionné »)) est
appliquée pour réduire les Montants
d'Amortissement desdites Obligations A1, au
pro rata ; et les Montants d'Amortissement
réduits doivent, au besoin, être arrondis, à la
hausse ou à la baisse, à la centaine la plus
proche, à la discrétion de l'Émetteur, de sorte
que la somme des Montants d'Amortissement
réduits, ainsi arrondis, soit égale au Montant
en Principal Restant Dû des Obligations A1
suite à leur remboursement partiel
conformément au paragraphe précédent.
9.3
Remboursement obligatoire à la suite 9.3
d'une résiliation anticipée du Contrat de
Concession (i) du fait d'un Cas de Force
Majeure ou (ii) à l'initiative de l'Émetteur
suite à un défaut de la part du Concédant
Si le Contrat de Concession est résilié (i) en
raison d'un Cas de Force Majeure ou (ii) à
l'initiative de l'Émetteur du fait d'un défaut de
la part du Concédant, l'Émetteur notifie, dans
les meilleurs délais raisonnables, aux
Représentants des Masses des Obligataires A
et aux Obligataires A conformément à la
Condition 15 (« Notifications »), à l'Agent
des Sûretés, à l'Agent Payeur et à l'Agent de
Calcul un remboursement anticipé obligatoire
de toutes les Obligations et la date de
remboursement envisagée (ladite date de
remboursement devant intervenir au plus tôt
(i) 5 Jours Ouvrés à compter de la date de
Mandatory redemption following an early
termination of the Concession Agreement
(i) resulting from a Force Majeure Event
or (ii) at the initiative of the Issuer as a
result of a default of the Grantor
If the Concession Agreement is terminated (i) as a
result of a Force Majeure Event or (ii) at the initiative
of the Issuer as a result of a default of the Grantor, the
Issuer shall, as soon as reasonably practicable, give
notice to the A Bondholders’ Representatives and the
A Bondholders in accordance with Condition 15
(“Notices”), the Security Agent, the Paying Agent
and the Calculation Agent of a mandatory early
redemption of all Bonds and the contemplated
redemption date (which redemption date shall be the
earlier of (i) 5 business days after the date of receipt
of any termination amount from the Grantor and
(ii) 12 calendar months from the effective date of
termination) and, on the redemption date, redeem all
89
réception de tout montant de résiliation de la
part du Concédant ou (ii) 12 mois calendaires
après la date de résiliation effective) et, à la
date de remboursement, rembourse toutes les
Obligations A en intégralité, à leur Montant
en Principal Restant Dû ou, s’agissant des
Obligations A2, à leur Montant en Principal
Indexé Restant Dû, si un tel montant est
supérieur au Montant en Principal Restant Dû
(dans chaque cas, à la date de
remboursement, majoré des intérêts courus
jusqu'à la date de remboursement (non
incluse)).
9.4
Remboursement obligatoire
résiliation anticipée du
Concession en raison (i)
d’intérêt général ou (ii) du
concession par le Concédant
A Bonds in full, at their Principal Outstanding
Amount or, in the case of the A2 Bonds, at their A2
Bonds Indexed Principal Outstanding Amount, if
such amount is greater than the Principal Outstanding
Amount (in each case, as at the redemption date,
together with interest accrued to (but excluding) the
redemption
date).
suite à une 9.4
Contrat de
d'un motif
rachat de la
Si le Contrat de Concession est résilié en
raison (i) d'un motif d’intérêt général ou (ii)
du rachat de la concession par le Concédant
conformément à l'article 38 du Contrat de
Concession, l'Émetteur notifie, dans les
meilleurs
délais
raisonnables,
aux
et aux Obligataires A conformément à la
Condition 15 (« Notifications »), à l'Agent
des Sûretés, à l'Agent Payeur et à l'Agent de
Calcul un remboursement anticipé obligatoire
de toutes les Obligations et la date de
remboursement envisagée (ladite date de
remboursement devant intervenir au plus tôt
(i) 5 Jours Ouvrés à compter de la date de
réception de tout montant de résiliation de la
part du Concédant ou (ii) 12 mois calendaires
après la date de résiliation effective) et, à la
date de remboursement, rembourse toutes les
Obligations A en intégralité, aux Montants de
Remboursement des Obligations A applicable
(majoré des intérêts courus jusqu'à la date de
remboursement (non incluse)).
9.5
Mandatory redemption following an early
termination of the Concession Agreement
(i) justified by public interest reasons
(motif d’intérêt général) or (ii) the Grantor
buying back the concession
If the Concession Agreement is terminated for (i) a
reason justified by public interest reasons (motif
d’intérêt général) or (ii) the Grantor buying back the
concession in accordance with article 38 of the
Concession Agreement, the Issuer shall, as soon as
reasonably practicable, give notice to the A
Bondholders’ Representatives, the A Bondholders in
accordance with Condition 15 (“Notices”), the
Security Agent, Paying Agent and the Calculation
Agent of a mandatory early redemption of all Bonds
and the contemplated redemption date (which
redemption date shall be the earlier of (i) 5 business
days after the date of receipt of any termination
amount from the Grantor and (ii) 12 calendar months
from the effective date of termination) and, on the
redemption date, redeem all A Bonds in full, at the
applicable A Bonds Redemption Amounts (together
with interest accrued to (but excluding) the
redemption
date).
Remboursement obligatoire suite à Equity 9.5
Cure
Si
les
Conditions
de
Distribution
Subordonnée (indépendamment du Montant
Equity Cure (telle que définie à la Condition
12 « Droit Equity Cure »)) ne sont pas
réunies lors de quatre (4) dates de calcul
consécutives après l'exercice du Droit Equity
Cure, l'Émetteur doit, immédiatement après
lesdites quatre (4) dates de calcul
consécutives,
affecter
les
sommes
précédemment créditées depuis les quatre (4)
Mandatory redemption as a result of an
Equity Cure
If the Subordinated Distribution Conditions
(disregarding the Equity Cure Amounts (as defined in
Condition 12 (“Equity Cure Right”)) injected) are not
satisfied on four (4) consecutive calculation dates
after the exercise of the Equity Cure Right, the Issuer
shall, immediately after such four (4) consecutive
calculation dates, apply sums previously credited
since four (4) calculation dates to the Equity Cure
Account to the redemption of the A Bonds, at the
applicable A Bonds Redemption Amounts (together
90
dates de calcul sur le Compte Equity Cure au with interest accrued to (but excluding) the relevant
remboursement des Obligations A, aux redemption
date).
Montants de Remboursement des Obligations
A applicables (majoré des intérêts courus
jusqu'à la date de remboursement concernée
(non incluse)).
9.6
Remboursement obligatoire suite à 9.6
l'encaissement d'indemnités d'assurance
Si les indemnités d'assurance (couvrant les
dommages matériels uniquement) déposées
sur le Compte Indemnités d'Assurance ne
sont pas affectées à la réintégration, au
remplacement et/ou à la restauration des
biens perdus ou endommagés à l'origine du
versement desdites indemnités d'assurance
dans les 12 mois suivant leur réception,
l'Émetteur doit affecter le montant desdites
indemnités d'assurance au remboursement
des Obligations A, pour leurs Montants de
Remboursement
des
Obligations
A
applicables (majoré des intérêts courus
jusqu'à la date de remboursement (non
incluse)).
If the insurance indemnities (covering property
damage only) deposited to the Insurance Proceeds
Account are not applied in the reinstatement,
replacement and/or restoration of the lost or damaged
property that gave rise to the payment of such
insurance indemnities within 12 months from the
receipt thereof, the Issuer shall apply the amount of
such insurance indemnities to the redemption of the A
Bonds, at the applicable A Bonds Redemption
Amounts (together with interest accrued to (but
excluding) the redemption date).
If the lost or damaged property cannot be reinstated
or restored, the Issuer shall apply such amounts to the
redemption of the A Bonds within the later of (i)
thirty (30) business days following receipt thereof
and (ii) the Bonds Payment Date falling immediately
after receipt thereof at their Principal Outstanding
Amount or, in the case of the A2 Bonds, at their A2
Bonds Indexed Principal Outstanding Amount, if
such amount is greater than the Principal Outstanding
Amount, in each case together with any accrued
interest thereon until their actual redemption date.
Si le bien perdu ou endommagé ne peut être
rétabli ou restauré, l’Émetteur affectera
lesdits montants au remboursement des
Obligations A au plus tard à intervenir (i) du
trentième (30e) Jour Ouvré à compter de
ladite date de réception et (ii) de la Date de
Paiement
des
Obligations
survenant
immédiatement suivant ladite date de
réception, au Montant en Principal Restant
Dû ou, s’agissant des Obligations A2, à leur
Montant en Principal Indexé Restant Dû, si
un tel montant est supérieur au Montant en
Principal Restant Dû, dans chaque cas majoré
des intérêts accrus jusqu’à la date de
remboursement concernée.
9.7
Mandatory redemption following receipt
of insurance proceeds
Remboursement obligatoire pour illégalité
9.7
Si l'entrée en vigueur d'une nouvelle loi ou
d'une
nouvelle
réglementation,
la
modification d'une loi ou d'un quelconque
texte à caractère obligatoire ou la
modification de l'interprétation judiciaire ou
administrative qui en est faite, entrée en
vigueur après la Date d'Émission, rend illicite
pour l’Émetteur l'application ou le respect de
ses obligations au titre des Documents de
Financement des Obligations A, l’Émetteur
remboursera, sous réserve de le notifier aux
et aux Obligataires A conformément aux
If, by reason of any change in Law, or any change in
the official application or interpretation of such Law,
becoming effective after the Issue Date, it would
become unlawful for the Issuer to perform or comply
with one or more of its obligations under the A Bonds
Finance Documents, the Issuer will, subject to having
given no more than sixty (60) nor less than thirty (30)
days’ notice to the A Bondholders’ Representatives
and the A Bondholders in accordance with Condition
15 (“Notices”), the Security Agent, Paying Agent and
the Calculation Agent (which notice shall be
irrevocable), redeem the A Bonds in full, at their
Principal Outstanding Amount or, in the case of the
91
Mandatory redemption for illegality
dispositions
de
la
Condition
15
(« Notifications »), à l'Agent Payeur et à
l'Agent de Calcul, au plus tard soixante (60)
jours calendaires et au plus tôt trente (30)
jours calendaires avant ledit paiement (cet
avis étant irrévocable), la totalité des
Obligations A pour leur Montant en Principal
Restant Dû ou, s’agissant des Obligations A2,
à leur Montant en Principal Indexé Restant
Dû, si un tel montant est supérieur au
Montant en principal Restant Dû (dans
chaque cas, à la date de remboursement
concernée, majoré des intérêts courus jusqu'à
la date de remboursement (non incluse)).
9.8
A2 Bonds, at their A2 Bonds Indexed Principal
Outstanding Amount, if such amount is greater than
the Principal Outstanding Amount (in each case as at
the redemption date, together with interest accrued to
(but
excluding)
the
redemption
date).
Remboursement anticipé pour raisons 9.8
fiscales
Si, à l'occasion d'un paiement par l’Émetteur
au titre des Obligations A1 faisant l'objet
d'une déduction fiscale ou d'une retenue à la
source, l’Émetteur se trouve contraint
d'effectuer des paiements supplémentaires à
tout ou partie des Obligataires A1, l’Émetteur
peut, sous réserve du respect d'un préavis de
soixante (60) jours maximum et de trente
(30) jours minimum au Représentant de la
Masse des Obligataires A1 concerné et aux
Obligataires A1 conformément à la Condition
15 (« Notifications »), à l'Agent des Sûretés, à
l'Agent Payeur et à l'Agent de Calcul (lequel
avis sera irrévocable), rembourser à tout
moment (i) l'intégralité (et non une partie
seulement) des Obligations A ou (ii) celles
pour lesquelles des montants supplémentaires
doivent être payés (en intégralité et non en
partie), pour leur Montant en Principal
Restant Dû ou, s’agissant des Obligations A2,
à leur Montant en Principal Indexé Restant
Dû, si tel montant est supérieur au Montant
en principal Restant Dû, dans chaque cas, à la
date de remboursement concernée (majoré
des intérêts courus jusqu'à la date de
remboursement (non incluse)).
Early redemption for taxation reasons
If the Issuer is required to pay to any or all A1
Bondholders any additional amounts as a result of
any payment to be made by the Issuer under the A1
Bonds becoming subject to a deduction or
withholding in respect of tax, the Issuer may, subject
to having given no more than sixty (60) nor less than
thirty (30) days’ notice to the relevant A1
Bondholders’ Representative and the A1 Bondholders
in accordance with Condition 15 (“Notices”), the
Agent (which notice shall be irrevocable), redeem at
any time (i) all (but not some only) of the A Bonds or
(ii) those in respect to which additional amounts are
required to be paid (in whole and not in part), at their
Principal Outstanding Amount or, in the case of the
A2 Bonds, at their A2 Bonds Indexed Principal
Outstanding Amount, if such amount is greater than
the Principal Outstanding Amount, in each case as at
the relevant redemption date (together with interest
accrued to (but excluding) the redemption date).
If (i) the Issuer is required to pay to the A1
Bondholders any additional amounts as a result of
any payment to be made by the Issuer under the A1
Bonds becoming subject to a deduction or
withholding in respect of tax and (ii) the Issuer is
prevented by French law from making payment to the
Bondholders of the full amount then due and payable
(notwithstanding the undertaking to pay additional
amounts under Condition 8 (“Taxation”)), the Issuer
shall forthwith give notice of such fact to the A
Bondholders’ Representatives and the A Bondholders
in accordance with Condition 15 (“Notices”), the
Agent and the Issuer shall, subject to having given no
less than seven (7) days’ prior notice to the relevant A
Bondholders, redeem (i) all (but not some only) of the
A1 Bonds or (ii) those in respect of which additional
amounts are required to be paid (in whole and not in
Si, à l'occasion d'un paiement par l’Émetteur
au titre des Obligations A1 faisant l'objet
d'une déduction fiscale ou d'une retenue à la
source, (i) l’Émetteur se trouve contraint
d'effectuer des paiements supplémentaires à
tout ou partie des Obligataires A1 et (ii)
l’Émetteur est empêché par la loi française
d'effectuer le paiement de l'intégralité des
montants dus aux Obligataires malgré
l'engagement de payer toute somme
supplémentaire prévue à la Condition 8
(« Fiscalité »),
l’Émetteur
doit
92
9.9
immédiatement le notifier aux Représentants
des Masses des Obligataires A et aux
Obligataires
A
conformément
aux
dispositions
de
la
Condition
15
(« Notifications »), à l'Agent des Sûretés, à
l'Agent Payeur et à l'Agent de Calcul et
l’Émetteur doit, sous réserve de la
notification d'un préavis d'au moins sept (7)
jours aux Obligataires A concernés,
rembourser (i) la totalité (et non une partie
seulement) des Obligations A1 ou (ii) celles
pour lesquelles des montants supplémentaires
doivent être payés (en intégralité et non en
partie), pour leur Montant en Principal
Restant Dû, ou, s’agissant des Obligations
A2, à leur Montant en Principal Indexé
Restant Dû, si un tel montant est supérieur au
Montant en principal Restant Dû dans chaque
cas, à la date de remboursement concernée
(majoré des intérêts courus jusqu'à la date de
remboursement (non incluse).
part) at their Principal Outstanding Amount or, in the
case of the A2 Bonds, at their A2 Bonds Indexed
Principal Outstanding Amount, if such amount is
greater than the Principal Outstanding Amount, in
each case as at the relevant redemption date (together
with interest accrued to (but excluding) the
redemption
date).
Rachats
9.9
Purchases
L'Émetteur pourra à tout moment procéder au The Issuer shall have the right at all times to purchase
rachat de tout ou partie des Obligations A1 à some or all of the A1 Bonds in the open market or
tout prix sur le marché ou autrement otherwise at any price subject to the applicable Laws.
conformément aux Lois en vigueur.
9.10
10.
Annulation
9.10
Cancellation
Les Obligations A1 rachetées par ou pour le
compte de l’Émetteur seront immédiatement
annulées par transfert sur un compte
conformément aux règles et procédures
d'Euroclear France et toutes les Obligations
A1 remboursées par l’Émetteur sont
immédiatement annulées (ainsi que tous les
droits relatifs au paiement des intérêts et aux
autres montants relatifs auxdites Obligations
A1). Les Obligations A1 ainsi annulées ou,
selon le cas, transférées et restituées pour
annulation ne pourront être ni réémises ni
revendues et l'Émetteur sera libéré de toute
obligation relative auxdites Obligations A1.
All A1 Bonds purchased by or on behalf of the Issuer
will forthwith be cancelled by transfer to an account
in accordance with the rules and procedures of
Euroclear France and all A1 Bonds redeemed by the
Issuer shall be cancelled forthwith (together with all
rights relating to payment of interest and other
amounts relating to such A1 Bonds). Any A1 Bonds
so cancelled or, where applicable, transferred or
surrendered for cancellation may not be reissued or
resold and the obligations of the Issuer in respect of
any such A1 Bonds shall be discharged.
PAIEMENTS
10.
Les paiements du principal ou des intérêts
dus au titre des Obligations A1 sont effectués
par transfert sur un compte libellé en euros
ouvert auprès des Teneurs de Compte, au
profit des Obligataires. Tous les paiements
valablement effectués auprès desdits Teneurs
de Compte ou de ladite banque libéreront
l’Émetteur de ses obligations de paiement.
Any payment of principal or interest in respect of A1
Bonds shall be made by transfer to an account
denominated in euros held with the Account Holders
for the benefit of the A1 Bondholders. The Issuer’s
payment obligations shall be discharged upon such
payments being duly made to such Account Holders.
PAYMENTS
All payments shall be subject to any Law, including
fiscal, applicable. No commission or expenses shall
93
be charged to the A1 Bondholders in respect of such
payments.
Tous les paiements sont effectués
conformément aux Lois, y compris fiscales,
applicables. Aucune commission ni aucune
dépense n'est mise à la charge des
Obligataires A1 relativement auxdits
paiements.
A Bondholders will not be entitled to any interest or
other payment for any delay after the due date in
receiving the amount due as a result of the due date
not being a Business Day.
Les Obligataires A ne sont pas autorisés à
percevoir des intérêts ou tout autre paiement
en cas de perception du montant dû en retard
par rapport à la date prévue, du fait qu'il ne
s'agisse pas d'un Jour Ouvré.
The Paying Agent and its initial specified office are
listed below. The Issuer reserves the right at any time,
to vary or terminate the appointment of the Paying
Agent and to appoint additional or other Paying
Agents, provided that it shall at all times maintain so
long as the A1 Bonds are listed on Alternext Paris, a
Paying Agent with a specified office in such place as
may be required by the rules and regulations of the
relevant stock exchange or such other relevant
authority.
L'Agent Payeur et son bureau désigné
initialement sont indiqués ci-dessous.
L'Émetteur se réserve le droit à tout moment
de changer d'Agent Payeur ou de mettre fin à
sa nomination et de nommer un Agent Payeur
supplémentaire ou un autre Agent Payeur, à
condition qu'il garde à tout moment, tant que
les Obligations A1 sont cotées à Alternext
Paris, un Agent Payeur disposant d'un bureau
identifié en un lieu susceptible d'être imposé
par les règles et réglementations du système
multilatéral de négociation concerné ou de
toute autre autorité compétente.
The initial specified office of the Paying Agent is:
CACEIS Corporate Trust.
Notice of any change in the Paying Agent or its
specified office shall as soon as reasonably
practicable be given or procured to be given to the A1
Bondholders and A1 Bondholders’ Representative by
the Issuer in accordance with Condition 15
(“Notices”).
Le bureau de l'Agent Payeur identifié
initialement est le suivant : CACEIS In acting under the Fiscal Agency Agreement, the
Paying Agent acts solely as agent of the Issuer and
Corporate Trust.
does not assume any obligation to, or relationship of
Tout changement de l'Agent Payeur ou de agency with, the A1 Bondholders. The Fiscal Agency
son bureau désigné doit être notifié ou fait Agreement contains provisions permitting any entity
notifier par l'Émetteur, dans les meilleurs into which the Paying Agent is merged or converted
délais raisonnables, aux Obligataires A1 et au or with which it is consolidated or to which it
Représentant de la Masse des Obligataires A1 transfers all or substantially all of its assets to become
conformément aux dispositions de la the
successor
Paying
Agent.
Condition 15 (« Notifications »).
En agissant conformément au Contrat de
Service Financier, l'Agent Payeur agit
uniquement en qualité d'agent de l'Émetteur
et n'assume aucune obligation ni n'entretient
aucune relation de service financier avec les
Obligataires A1. Le Contrat de Service
Financier contient des dispositions autorisant
toute entité avec laquelle l'Agent Payeur
fusionne ou une entité issue de la
transformation de l’Agent Payeur ou converti
ou avec laquelle il est consolidé ou à laquelle
il transfère tout ou une partie importante de
ses actifs pour devenir le nouvel Agent
Payeur.
94
11.
CAS D’ÉXIGIBILITÉ ANTICIPÉE
11.
La survenance et la poursuite de l'un
quelconque des événements décrits aux
Conditions
11.1
à
11.23
ci-après
constitueront
un
« Cas
d’Exigibilité
Anticipée » aux termes des Documents de
The occurrence and continuance of any of the events
described hereafter under Conditions 11.1 to 11.23
will constitute an “Event of Default” under the A
Bonds Finance Documents.
EVENTS OF DEFAULT
Subject to the paragraphs below and to the provisions
of the Intercreditor Agreement, the A Bondholders’
Sous réserve des paragraphes ci-dessous et Representatives may by delivering a notice to the
des dispositions de la Convention Issuer in writing, at any time after an Event of
Intercréanciers, les Représentants des Masses Default has occurred and is continuing:
des Obligataires A peuvent, sur notification
(a)
give notice to the Issuer that the A
écrite adressée à l'Émetteur, à tout moment
Bonds are, and they shall accordingly
après la survenance et la poursuite d'un Cas
forthwith become, immediately due
d’Exigibilité Anticipée :
and repayable in part, or in whole at
(a)
notifier à l'Émetteur que les
their Principal Outstanding Amount,
Obligations A sont, et deviennent
together with interest accrued to, but
sans délai, échues et remboursables
excluding, the date of repayment; and
en partie ou en intégralité pour leur
(b)
institute such proceedings against the
Montant en Principal Restant Dû,
Issuer as it may think fit to enforce
majoré des intérêts courus jusqu'à la
the terms of the Security Documents
date de remboursement (non
and
the
A Bonds Finance
incluse) ; et
Documents.
(b)
engager des poursuites contre
l’Émetteur qu’il jugera appropriées The A Bondholders’ Representatives will not take
en vue de faire exécuter les any such proceedings or give such instructions under
dispositions des Documents de the above paragraph unless it has been so directed by
Sûretés et des Documents de an “Enforcement Instruction Notice” passed by (i)
a general meeting (a “Meeting Enforcement
Instruction Notice”) or (ii) at least two (2) A
Les Représentants des Masses des Bondholders being Non-Affiliated holding at least 40
Obligataires A n'engageront pas de telles % of the aggregate Principal Outstanding Amount of
poursuites ni ne donneront des instructions the A1 Bonds and the A2 Bonds taken together.
conformément au paragraphe ci-dessus, sauf
s'ils sont autorisés à le faire par une With respect to any decision relating to an “Meeting
« Notification
d’Instruction
de Enforcement Instruction Notice”:
Réalisation » (i) décidée par une assemblée
(a)
the quorum for any meeting
générale (une « Notification d’Instruction
convened to consider a Meeting
de Réalisation d’Assemblée » ou (ii) par au
Enforcement Instruction Notice shall
moins deux (2) Obligataires A qui ne sont pas
be one or more persons holding or
des Sociétés Affiliées détenant au moins 40
representing at least 50% or more of
% du total du Montant en Principal Restant
the Principal Outstanding Amount of
Dû des Obligations A1 et des Obligations A2.
the A Bonds for the time being
outstanding, or at any adjourned
Concernant toute décision relative à une
meeting one or more persons holding
« Notification d’Instruction de Réalisation
or representing 25% or more of the
d’Assemblée » :
Principal Outstanding Amount of the
(a)
le quorum applicable à toute
A Bonds for the time being
assemblée convoquée pour étudier
outstanding; and
une Notification d’Instruction de
(b)
a resolution relating to a Meeting
Réalisation d’Assemblée est fixé à
Enforcement Instruction Notice shall
une ou plusieurs personnes détenant
95
ou représentant au minimum 50 % ou
be duly passed at a meeting of A
plus en Montant en Principal Restant
Bondholders if approved by persons
Dû des Obligations A en circulation
holding or representing not less than
ou, pour toute assemblée ajournée, à
66.66%
Principal
Outstanding
une ou plusieurs personnes détenant
Amount of the A Bonds present at a
ou représentant 25 % ou plus en
duly convened meeting.
Montant en Principal Restant Dû des
Any Enforcement Instruction Notice duly passed,
Obligations A en circulation ; et
shall be binding on all A Bondholders (whether or not
(b)
une résolution relative à une they were present at the meeting at which such
Notification
d’Instruction
de resolution was passed).
Réalisation d’Assemblée sera dûment
adoptée lors d'une assemblée des Notwithstanding the foregoing, in relation to each A1
Obligataires A si elle est approuvée Bondholder that has previously notified the
par des personnes, détenant ou Intercreditor Agent to this effect (each a "Restricted
représentant au minimum 66,66 % en A1 Bondholder"), Condition 11.3 shall only apply
Montant en Principal Restant Dû des for the benefit of that Restricted A1 Bondholder to
Obligations A, présentes à une the extent that such proceedings or such instructions
would not result in (i) any violation of, conflict with
assemblée dûment convoquée.
or liability under EU Regulation (EC) 2271/96 or (ii)
Toute
Notification
d’Instruction
de a violation or conflict with section 7 of the German
Réalisation dûment adoptée lie tous les foreign
trade
rules
(AWV)
Obligataires A (qu'ils étaient présents ou non (Außenwirtschaftsverordnung) (in connection with
à l'assemblée lorsque ladite résolution a été section 4 paragraph 1 no. 3 German foreign trade law
adoptée).
(AWG) (Außenwirtschaftsgesetz)) or a similar antiboycott statute. In connection with any amendment,
Nonobstant ce qui précède, chaque waiver, determination or direction relating to any part
Obligataire A1 qui a notifié préalablement à of Condition 11.3 of which a Restricted A1
l’Agent Intercréancier de ce cas (chacun un Bondholder does not have the benefit, the A1 Bonds
« Obligataire A1 Restreint »), ne devra held by such Restricted A1 Bondholder will be
bénéficier de la Condition 11.3 que dans la excluded for the purpose of determining any
mesure où cette procédure ou instruction applicable
quorum
or
majority.
n’aurait pas pour conséquence (i) une
violation, une contradiction ou un
engagement de responsabilité au titre du
Règlement de l’UE (CE) 2271/96 ou (ii) une
violation ou une contradiction avec la section
7 des règles allemandes sur le commerce
extérieur
(AWV)
(Außenwirtschaftsverordnung) (en lien avec
la section 4 paragraphe 1 numéro 3 de la loi
allemandes sur le commerce extérieur
(AWG) (Außenwirtschaftsgesetz)) ou une
situation anti-boycotte similaire. En cas
d’amendement,
de
dérogation,
de
modification d’un élément de la Condition
11.3 à laquelle l’Obligataire A1 Restreint ne
bénéficie pas, alors les Obligations A1
détenus par ces Obligataires A1 Restreints ne
seront pas comptabilisées pour le calcul de
tout quorum ou majorité applicable.
11.1
Défaut de Paiement
11.1
Non-Payment
Manquement par l'Émetteur à une obligation Failure by the Issuer to make any payment under the
de paiement en vertu des Obligations (sauf en Bonds (except in the event of a technical or
cas d'erreur technique ou administrative administrative error that is remedied within three (3)
96
corrigée dans les trois (3) Jours Ouvrés à Business
compter de la date d'exigibilité).
11.2
11.3
the
due
date).
11.2
Incapacité à se conformer à l'un des ratios
suivants : (i) l'ADSCR Historique diminuant
en dessous de 1,05 ; et/ou (ii) le BLCR
diminuant en dessous de 1,10, sauf si ce Cas
d’Exigibilité Anticipée peut être corrigé par
l'exercice d'un Droit Equity Cure.
Failure to comply with any of the following ratios: (i)
the Historic ADSCR falling below 1.05; and/or (ii)
the BLCR falling below 1.10, provided that such
Event of Default may be cured by the exercise of any
Equity
Cure
Right.
Violation des Obligations de l'Émetteur au 11.3
titre des Documents de Financement
Breach of Financial Covenant
Breach of Issuer Obligations under the
Finance Documents
Breach of any of the Issuer’s obligations under the
Finance Documents (other than a payment obligation
or an obligation covered by a specific Event of
Default) which is not remedied within a period of one
(1) month upon becoming aware of such breach.
Violation des Obligations de l'Émetteur au 11.4
titre des Documents du Projet
Violation d’une obligation significative de
l'Émetteur en vertu de l'un des Documents de
Projet à laquelle il n’est pas remedié avant la
fin de la période de grâce prévue dans le
cadre du Document de Projet concerné ou, s'il
n'est prévu de période de grâce, dans un délai
de deux (2) mois à partir du constat de cette
violation (étant précisé pour éviter toute
ambiguïté que le versement de pénalités en
vertu du Contrat de Concession ne constitue
pas un Cas d’Exigibilité Anticipée).
11.5
from
Violation des Engagements Financiers
Violation d’une obligation de l'Émetteur en
vertu des Documents de Financement (autre
qu’une obligation de paiement ou une
obligation couverte par un Cas d’Exigibilité
Anticipée spécifique) à laquelle il n’est pas
remédié dans un délai d’un (1) mois à partir
du constat de cette violation.
11.4
Days
Breach of Issuer’s obligations under the
Project Documents
Breach of any of the Issuer’s material obligations
under any of the Project Documents which is not
remedied by the end of the grace period provided for
under the relevant Project Document or, if there is no
grace period so provided, within a period of two (2)
months upon becoming aware of such breach
(provided that, for the avoidance of doubt, the mere
application of penalties under the Concession
Agreement shall not constitute an Event of Default).
Violation des Obligations par une Partie 11.5
du Projet Importante en vertu des
Documents de l’Opération
Violation d’une obligation d'une Partie du
Projet Importante en vertu de l'un des
Documents de l’Opération qui a un Effet
Significatif Défavorable et qui n'a pas été
corrigée avant la fin de la période de grâce
prévue par le Document de l'Opération
concerné ou, si une telle période n’est pas
prévue ou si elle est plus courte, dans un délai
de trente (30) Jours Ouvrés, à moins que la
Partie du Projet Importante concernée (autre
que le Concédant) (i) soit remplacée à la
satisfaction du Concédant et du Conseiller
Technique (confirmant également que ladite
partie remplaçante dispose des compétences
techniques et financières nécessaires et que le
Breach of
Obligations
Documents
Main
under
Project Party’s
the Transaction
Breach of any of the obligations of a Main Project
Party under any of the Transaction Documents which
has a Material Adverse Effect and which is not
remedied by the end of the grace period provided for
under the relevant Transaction Document or, if such a
period is not provided for or if it is shorter, within a
period of thirty (30) Business Days, unless the
relevant Main Project Party (other than the Grantor)
(i) is replaced to the Grantor’s and the Technical
Advisor’s satisfaction (confirming also that such
replacement party has the necessary technical and
financial capability and that the replacement is made
at arm’s length terms, conforms to market standards
and the total costs incurred by the Issuer as a result of
such replacement are not higher than ten per cent.
97
remplacement est effectué à des conditions
normales conformément aux pratiques de
marché et le montant total des coûts encourus
par l’Émetteur à l’issue d’un tel
remplacement n’est pas supérieur à dix pour
cent (10%) au-delà des Extraits Financiers du
Scénario de Base Initial ou des Prévisions des
Coûts de l’Émetteur) dans un délai de trois
(3) mois ou (ii) si le Conseiller Technique n'a
pas approuvé le remplacement de la Partie du
Projet
Importante
concernée,
ce
remplacement ait été approuvé par une
Résolution Ordinaire des Obligataires A
consultés à l'initiative de l'Émetteur.
11.6
(10%) above than the Base Case Financial Outputs or
Issuer Cost Forecast) within a period of three (3)
months or (ii) if the Technical Advisor has not
approved the replacement of the relevant Main
Project Party, such replacement has been approved by
an Ordinary Resolution of the A Bondholders
consulted at the initiative of the Issuer.
Procédure Collective à l'encontre d'une 11.6
Partie du Projet Importante
Une Procédure Collective est initiée par ou
est ouverte à l'encontre d'une Partie du Projet
Importante, à moins que la Partie du Projet
Importante concernée (i) soit remplacée à la
satisfaction du Conseiller Technique (étant
également entendu que le remplacement
s'effectue dans des conditions normales,
conformément aux pratiques de marché) dans
un délai de trois (3) mois et le montant total
des coûts encourus par l’Émetteur à l’issue
d’un tel remplacement n’est pas supérieur à
dix pour cent (10%) au-delà des Extraits
Financiers du Scénario de Base Initial ou des
Prévisions des Coûts de l’Émetteur ou (ii) si
le Conseiller Technique n'a pas approuvé le
remplacement de la Partie du Projet
Importante concernée, ce remplacement ait
été autorisé par une Résolution Ordinaire des
Obligataires A consultés à l'initiative de
l'Émetteur.
11.7
11.8
Insolvency Proceedings against a Main
Project Party
An Insolvency Proceeding is initiated by or against a
Main Project Party, unless the relevant Main Project
Party (i) is replaced to the Technical Advisor’s
satisfaction (confirming also that the replacement is
at arms-length condition and conforms to market
standards) within a period of three (3) months and the
total costs incurred by the Issuer as a result of such
replacement are not higher than ten per cent. (10%)
above the Base Case Financial Outputs or Issuer Cost
Forecast or (ii) if the Technical Advisor has not
approved the replacement of the relevant Main
Project Party, such replacement has been approved by
an Ordinary Resolution of the A Bondholders
consulted at the initiative of the Issuer.
Procédure Collective à l'encontre de 11.7
l'Émetteur
Insolvency Proceedings against the Issuer
Une Procédure Collective est initiée par ou
est ouverte à l'encontre de l'Émetteur (un «
Cas d'Insolvabilité »), sauf si ledit Cas
d'Insolvabilité est contesté de bonne foi par
l'Émetteur ou, en cas de recours dilatoire ou
diffamatoire pour un Cas d'Insolvabilité,
résolu, suspendu ou rejeté dans les 90 jours
suivant le début.
An Insolvency Proceeding has been started by or
against the Issuer (an “Insolvency Event”), except if
such Insolvency Event is contested in good faith by
the Issuer or, in case of frivolous or vexatious petition
for an Insolvency Event, discharged, stayed or
dismissed within 90 days of commencement.
Illégalité et invalidité
11.8
Un Document de l'Opération (autre que la
Convention SAPN, ou tout Document de
Sûretés de l'Opération), est ou devient
invalide, illégal ou non exécutoire à moins
A Transaction Document (other than the SAPN
Agreement or any Transaction Security Document),
is or becomes invalid, illegal or unenforceable unless,
in respect of a Project Document only, it (i) is
98
Unlawfulness and Invalidity
11.9
que, s'agissant d'un Document du Projet
uniquement, il (i) soit remplacé à la
Technique (confirmant également que le
marché et qu’un mémorandum juridique a été
délivré par un cabinet d’avocats réputé sur la
validité et la force exécutoire du nouveau
document dont la forme et le contenu sont
satisfaisants pour les Représentants des
Masses des Obligataires A, agissant
raisonnablement) dans un délai de trois (3)
mois ou (ii) si le Conseiller Technique refuse
d’approuver le remplacement du Document
de l’Opération concerné, y compris si les
modifications proposées sont de nature
commerciale ou si les Représentants des
Masses des Obligataires A refusent
d’approuver ledit mémorandum juridique, ce
remplacement ait été approuvé (y) par, y
compris si les modifications proposées sont
de nature commerciale, une Résolution
Ordinaire des Obligataires A, s’agissant des
aspects techniques, ou (z) sur la base d’une
Approbation Négative, s’agissant des aspects
juridiques.
replaced to the Grantor’s and the Technical Advisor’s
satisfaction (confirming also that the replacement is
made on arm’s length terms, conforms to market
standards and a legal memorandum has been
delivered by a reputable law firm as to the validity
and enforceability of the new document in form and
substance reasonably satisfactory to the A
Bondholders’ Representatives acting reasonably)
within a period of three (3) months or (ii) if the
Technical Advisor has refused to approve the
replacement of the relevant Transaction Document
including because the changes contemplated are of a
commercial nature or if the A Bondholders’
Representatives have refused to approve the legal
memorandum including because the changes
contemplated are of a commercial nature, such
replacement has been approved (y) by an Ordinary
Resolution of the A Bondholders for the technical
aspects or (z) on a Negative Approval basis for the
legal
aspects.
Résiliation d'un Document de l'Opération
11.9
Un Document de l'Opération (autre que le
Contrat de Concession ou un Document de
Sûretés de l'Opération) est résilié ou il n’est
pas ou plus entièrement en vigueur, à moins
que, s'agissant d'un Document du Projet
uniquement (i) il soit remplacé à la
Technique (confirmant également que le
marché et qu’il est substantiellement en ligne
avec les Documents du Projet précédents) et
qu’un mémorandum juridique a été délivré
par un cabinet d’avocats réputé sur la validité
et la force exécutoire du nouveau document
dont la forme et le contenu sont satisfaisants
pour les Représentants des Masses des
Obligataires A, agissant raisonnablement,
dans un délai de trois (3) mois ou (ii) si le
Conseiller Technique refuse d’approuver le
remplacement du Document du Projet
concerné, y compris si les modifications
proposées sont de nature commerciale ou si
les
Représentants
des
Masses
des
Obligataires A refusent d’approuver ledit
mémorandum juridique, y compris si les
modifications proposées sont de nature
A Transaction Document (other than the Concession
Agreement or a Transaction Security Document) is
terminated or it is not or it is no longer in full force
and effect, unless, in respect of a Project Document
only (i) it is replaced to the Grantor’s and the
Technical Advisor’s satisfaction (confirming also that
the replacement is made on arm’s length terms,
conforms to market standards and is substantially in
line with the previous Project Documents) and a legal
memorandum has been delivered by a reputable law
firm as to the validity and enforceability of the new
document in form and substance satisfactory to the A
Bondholders’ Representatives acting reasonably
within a period of three (3) months or (ii) if the
Technical Advisor has refused to approve the
replacement of the relevant Transaction Document
including because the changes contemplated are of a
commercial nature or if the A Bondholders’
Representatives have refused to approve the legal
memorandum including because the changes
contemplated are of a commercial nature, such
replacement has been approved by (y) an Ordinary
Resolution of the A Bondholders for the technical
aspects or (z) on a Negative Approval basis for the
legal
aspects.
99
Termination of Transaction Document
commerciale, ce remplacement ait été
approuvé (y) par une Résolution Ordinaire
des Obligataires A, s’agissant des aspects
techniques, ou (z) sur la base d’une
Approbation Négative, s’agissant des aspects
juridiques.
11.10
11.11
11.12
11.13
11.14
Invalidité d'un Document de Sûretés
11.10
Un Document de Sûreté n’est pas ou n’est
plus valable, contraignant juridiquement pour
les parties, exécutoire ou en vigueur, ou bien
il est ou devient annulable, y compris au titre
des Procédures Collectives et n’est pas
remplacé dans les trente (30) Jours Ouvrés
par un Document de Sûretés valable,
contraignant juridiquement et exécutoire,
créant la même sûreté que le Document de
Sûretés remplacé.
A Security Document is not or is no longer valid,
binding on the parties, enforceable or in force, or it is
or becomes voidable including in connection with
Insolvency Proceedings and is not replaced within
thirty (30) Business Days by a valid, binding and
enforceable Security Document creating the same
security than the replaced Security Document.
Garantie
11.11
L'une des garanties relatives au Projet n'est
pas émise ou conservée ou remplacée ou
renouvelée conformément aux dispositions
des Documents de l'Opération obligeant
l'octroi de ladite garantie, sauf si elle est
corrigée de l'événement en question dans les
trente (30) Jours Ouvrés.
One of the guarantees relating to the Project is not
issued or maintained or replaced or renewed in
accordance with the provisions of the Transaction
Document requiring the said guarantee to be issued,
except if it is remedied to the relevant event within
thirty
(30)
Business
Days.
Nationalisation
11.12
Sous l'autorité d'un gouvernement ou d'un
organisme gouvernemental, une personne
adopte une mesure qui a pour conséquence
(a) une restriction totale de l'Émetteur à
exercer ses activités (étant précisé que le
rachat de la concession conformément à
l’article 38 du Contrat de Concession ne
constitue pas un Cas d’Exigibilité Anticipée),
ou (b) que la totalité ou la quasi-totalité des
actions de l'Émetteur, de ses revenus ou de
ses actifs est saisie, nationalisée, expropriée
ou réquisitionnée.
Under the authority of any government or any
government body, a person takes a measure that
causes (a) the Issuer’s ability to conduct its business
to be totally restricted (it being specified that the
repurchase of the concession pursuant to article 38 of
the Concession Agreement will not Constitute and
Event of Default), or (b) all or substantially all the
Issuer’s shares or its revenue or assets is seized,
nationalised,
expropriated
or
requisitioned.
Assurance
11.13
Toute assurance à laquelle l'Émetteur est tenu
de souscrire en vertu du Contrat de
Concession cesse d'être en vigueur, sauf si
ladite assurance est remplacée par une
couverture équivalente qui satisfait les
exigences du Document de l'Opération
concerné dans un délai de un (1) mois.
Any insurance required to be effected by the Issuer
under the Concession Agreement ceases to be in full
force and effect, unless the said insurance is replaced
with equivalent cover that meets the requirements of
the relevant Transaction Document within one (1)
month.
Lois Environnementales
11.14
100
Invalidity of a Security Document
Guarantee
Nationalisation
Insurance
Environmental Law
11.15
11.16
11.17
11.18
L'Émetteur ne parvient pas à se conformer à
une Loi Environnementale, si un tel
manquement pouvait raisonnablement avoir
un Effet Significatif Défavorable, ou
l'Émetteur et/ou le Projet fait l'objet de
procédures environnementales graves qui
peuvent raisonnablement aboutir à une issue
défavorable pour l'Émetteur et pourraient
raisonnablement avoir un Effet Significatif
Défavorable.
The Issuer fails to comply with an Environmental
Law, if such failure could reasonably have a Material
Adverse Effect, or the Issuer and/or the Project is the
subject of serious environmental proceedings that can
reasonably be expected to result in an outcome that is
unfavourable to the Issuer and could reasonably have
a
Material
Adverse
Effect.
Abandon du Projet
11.15
Le Projet est abandonné pour une période
dépassant 30 Jours Ouvrés consécutifs ou
interrompu pendant une période dépassant
120 Jours Ouvrés (sauf si à la suite d'un tel
événement, des indemnités d'assurance
suffisantes sont perçues par l'Émetteur).
The Project is abandoned for a period exceeding 30
continuing Business Days or interrupted for a period
exceeding 120 continuing Business Days (unless
sufficient insurance proceeds are received by the
Issuer
as
a
result
of
such
event).
Dommage aux biens
11.16
Tout bien du Projet (y compris l'Autoroute)
est endommagé ou partiellement détruit de
manière à porter significativement atteinte
aux intérêts des Obligataires A, sauf si des
indemnités d'assurance sont perçues et
utilisées aux fins de sa restauration, de sa
réparation ou de son remplacement dans les
douze (12) mois à compter de la survenance
de l'événement en question.
Any asset of the Project (including the Motorway) is
damaged or destroyed in part in a manner materially
adverse to the interests of the A Bondholders, unless
insurance proceeds are received and applied to the
reinstatement repair or replacement thereof within
twelve (12) months from the occurrence of the
relevant
event.
Procédures Significatives
11.17
Tout différend ou contentieux initié à
l'encontre de l'Émetteur ou du Projet qui
conduit à une décision contre l'Émetteur et/ou
le Projet qui pourrait raisonnablement avoir
un Effet Significatif Défavorable.
Any dispute or litigation is initiated against the Issuer
or the Project that leads to a decision against the
Issuer and/or the Project which could reasonably have
a
Material
Adverse
Effect.
Défaut Croisé
11.18
Abandonment of Project
Damage to the assets
Material Proceedings
Cross-Default
Défaut de l'Émetteur en vertu de tout The Issuer is in default under any instrument or
instrument ou accord relatif à un Endettement agreement relating to any Financial Indebtedness
Financier, dépassant un (1) million d'euros.
exceeding one (1) million euros.
11.19
Saisie d'Actifs
11.19
Toute saisie, mise sous séquestre, saisie
conservatoire ou exécutoire affectant tout
actif de l'Émetteur et qui n'est pas rejetée ou
suspendue dans les 60 jours, à condition que
le montant total des actifs impliqué dans une
telle saisie, mise sous séquestre, saisie
conservatoire ou exécutoire soit égal à ou
dépasse dix millions d’euros (10.000.000
Any attachment, sequestration, distress or execution
affects any asset of the Issuer and is not discharged or
stayed within 60 days provided that the aggregate
amount of assets involved in such attachment,
sequestration, distress or execution equals or exceeds
€
ten
million
(10,000,000).
101
Attachment of Assets
d’euros).
11.20
11.21
11.22
Résiliation du Contrat de Concession
11.20
Termination of Concession Agreement
Le Contrat de Concession est résilié (sauf à la
suite d'un événement répertorié dans les
Conditions 9.3 (« Remboursement obligatoire
suite à une résiliation anticipée du Contrat
de Concession (i) résultant d'un cas de force
majeure ou (ii) à l'initiative de l'Émetteur à
la suite d'un défaut du Concédant ») et 9.4
(« Remboursement obligatoire suite à une
résiliation anticipée du Contrat de
Concession (i) justifiée par des motifs
d’intérêt général ou (ii) le Concédant
rachetant la concession »)).
The Concession Agreement is terminated (except as a
result of any event listed in Conditions 9.3
(“Mandatory redemption following an early
termination of the Concession Agreement (i) resulting
from a force majeure event (force majeure) or (ii) at
the initiative of the Issuer as a result of a default of
the Grantor”) and 9.4 (“Mandatory redemption
following an early termination of the Concession
Agreement (i) justified by public interest reasons
(motif d’intérêt général) or (ii) the Grantor buying
back
the
concession”)).
Mise en régie
11.21
Le Concédant décide la mise en régie du
Projet conformément à l'article 39.3 du
Contrat de Concession et la mise en régie
continue pendant une période de plus de 150
jours.
The Grantor decides the mise en régie of the Project
pursuant to article 39.3 of the Concession Agreement
and the mise en régie continues during a period of
more
than
150
days.
Actions
11.22
Mise en régie
Shares
Toutes ou une partie des actions de All or part of the shares of the Issuer are sold or
l'Émetteur sont transmises ou cédées sans assigned without complying with the Concession
respecter le Contrat de Concession.
Agreement.
11.23
Force Majeure
11.23
Force Majeure
La survenance d'un Cas de Force Majeure en The occurrence of a Force Majeure Event under the
vertu du Contrat de Concession, dans la Concession Agreement if such event could
mesure où ce cas pourrait raisonnablement reasonably have a Material Adverse Effect.
avoir un Effet Significatif Défavorable.
12.
DROIT EQUITY CURE
12.
EQUITY CURE RIGHT
Si (i) un Cas d’Exigibilité Anticipée visé à la
Condition
11.2
(«
Violation
des
Engagements Financiers ») a eu lieu (le «
Défaut Remédiable ») et se poursuit ; et (ii)
le Droit Equity Cure est disponible, les
Actionnaires peuvent (mais ne sont pas
obligés), pendant la période disponible au
titre de ce Défaut Remédiable, notifier aux
(une
telle
notification
étant
une
« Notification Equity Cure ») que les
Actionnaires (ou l'un d'eux) souhaitent
apporter une contribution additionnelle en
fonds propres d’un montant (le « Montant
Equity Cure ») au moins égal à la somme
nécessaire pour remédier audit Défaut
Remédiable (le « Droit Equity Cure »).
If (i) an Event of Default referred to in Condition
11.2 (“Breach of Financial Covenant”) has occurred
(the “Curable Default”) and is continuing; and (ii)
the Equity Cure Right is available, the Shareholders
may (but are not obliged to), during the election
period in respect of that Curable Default, notify the A
Bondholders’ Representatives (such a notification
being an “Equity Cure Notification”) that the
Shareholders (or any of them) wish to make an
additional junior contribution in an amount (the
“Equity Cure Amount”) equal at least to the amount
necessary to remedy to such a Curable Default (the
“Equity Cure Right”).
This Equity Cure Right may not be exercised more
than 2 times per 5-year period prior to the Final
Maturity Date, provided it is not exercised in relation
102
Ce Droit Equity Cure ne peut être exercé plus
de deux fois par période de cinq ans avant la
Date d'Échéance Finale, à condition qu'il ne
soit pas exercé lors de deux dates de calcul
consécutives et qu’il ne soit pas exercé plus
de 5 fois jusqu'à la Date d'Acquittement des
Obligations A.
Au virement du Montant Equity Cure sur le
Compte Equity Cure, le ratio applicable sera
recalculé sur une base pro forma afin qu’un
tel Montant Equity Cure soit (i) réputé
réduire le principal et l'intérêt correspondant
au début de la période de calcul aux fins de
calculer l’ADSCR Historique et / ou (ii)
réputé réduire le principal restant dû à la date
de calcul correspondante aux fins de calculer
le BLCR.
to two consecutive calculation dates and may not be
exercised more than 5 times until the A Bonds
Discharge Date.
On payment of the Equity Cure Amount into the
Equity Cure Account, the applicable ratio shall be recalculated on a pro forma basis so that such Equity
Cure Amount shall (i) be deemed to reduce the
principal and corresponding interest at the start of the
calculation period for the purpose of calculating the
Historic ADSCR and/or (ii) shall be deemed to
reduce the principal outstanding as at the relevant
calculation date for the purpose of calculating the
BLCR.
For the avoidance of doubt, any Equity Cure Amount
injected pursuant to this Condition shall be
disregarded for the purposes of determining whether
the Subordinated Distribution Conditions are
satisfied.
De façon à éviter tout doute, tout Montant
Equity Cure en vertu de cette Condition sera
écarté aux fins de déterminer si les
Conditions de Distributions Subordonnées
sont satisfaites.
Notwithstanding the foregoing, if the Subordinated
Distribution Conditions (disregarding the Equity Cure
Amounts injected) are satisfied on two (2)
consecutive calculation dates after the exercise of the
Equity Cure Right, the Equity Cure Amount would be
Nonobstant ce qui précède, si les Conditions available for making Distributions.
de Distributions Subordonnées (sans tenir
compte des Montants Equity Cure) sont If the Subordinated Distribution Conditions
satisfaits lors de deux (2) dates de calcul (disregarding the Equity Cure Amounts injected) are
consécutives après l'exercice du Droit Equity not satisfied on four (4) consecutive calculation dates
Cure, le Montant Equity Cure sera disponible after the exercise of the Equity Cure Right, a
pour faire des Distributions.
mandatory redemption event will occur as set out in
Condition 9.5 (“Mandatory redemption as a result of
Si les Conditions de Distributions an
Equity
Cure”).
Subordonnées (sans tenir compte des
Montants Equity Cure) restent insatisfaites
lors de quatre (4) dates de calcul consécutives
après l'exercice du Droit Equity Cure, un cas
de remboursement obligatoire surviendra tel
qu'établi
à
la
Condition
9.5
(« Remboursement Obligatoire suite à un
Equity Cure »).
13.
REPRÉSENTATION
OBLIGATAIRES A1
DES 13.
Les Obligataires A1 seront automatiquement groupés
pour la défense de leurs intérêts communs en une
masse (la « Masse A1 »). Conformément à l'article
L.228-90 du Code de commerce, la Masse A1 sera
régie par les dispositions du Code de commerce (à
l'exception des articles L.228-48, L.228-58 al.2 ,
L.228-59, L.228-61 al.1, L.228-65 II, L.228-71,
deuxième phrase du premier paragraphe, L.228-77 à
L.228-81, R.228-61, R.228-65 al.1, R.228-67, R.22881 et R.228-83 al.2).
REPRESENTATION
A1 BONDHOLDERS
OF
THE
The A1 Bondholders will be grouped automatically
for the defence of their common interests in a masse
(the “A1 Masse”). Pursuant to article L.228-90 of the
French Code de commerce, the A1 Masse will be
governed by the provisions of the French Code de
commerce (with the exception of articles L.228-48,
L.228-58 al.2, L.228-59, L.228-61 al.1, L.228-65 II,
L.228-71, second sentence of first paragraph, L.22877 to L.228-81, R.228-61, R.228-65 al.1, R.228-67,
R.228-81 and R.228-83 al.2 thereof).
103
13.1
Personnalité juridique
13.1
Legal Personality
La Masse A1 aura la personnalité juridique
en vertu du Code de commerce, et agira en
partie par l’intermédiaire du Représentant de
la Masse des Obligataires A1 et en partie par
l’intermédiaire d'une assemblée générale des
Obligataires A1.
The A1 Masse will be a separate legal entity by virtue
of article L.228-46 of the French Code de commerce,
acting in part through the A1 Bondholders’
Representative and in part through an A1
Bondholders’ general meeting.
The A Masse alone, to the exclusion of all individual
Seule la Masse A1, à l'exclusion de tous les A1 Bondholders, shall exercise the common rights,
Obligataires A1 individuellement, exerce les actions and benefits which may accrue now or in the
droits, actions et avantages communs future under or with respect to the A1 Bonds.
présents ou à venir en vertu ou au titre des
Obligations A1.
13.2
Représentant de la Masse des Obligataires 13.2
A1 Bondholders’ Representative
A1
The office of A1 Bondholders’ Representative may
Le mandat du Représentant de la Masse des be conferred on a person of any nationality who
Obligataires A1 peut être conféré à une agrees to perform such function. However, the
personne de toute nationalité qui accepte following persons may not be chosen as A1
d'exécuter cette fonction. Toutefois, les Bondholders’ Representative:
personnes suivantes ne peuvent pas être
choisies en tant que Représentant de la Masse
 the Issuer, the members of its Board of
des Obligataires A1 :
Directors (Conseil d’administration),
its general managers (directeurs
 l'Émetteur, les membres de son Conseil
généraux), its statutory auditors, or its
d'administration,
ses
directeurs
employees as well as their ascendants,
généraux, ses commissaires aux
descendants and spouse; or
comptes statutaires ou ses employés
ainsi que leurs ascendants, descendants
 companies holding ten (10) per cent. or
et conjoint ; ou
more of the share capital of the Issuer
or companies having ten (10) per cent.
 les sociétés possédant au moins le
or more of their share capital held by
dixième du capital social de l'Émetteur
the Issuer; or
ou dont celui-ci détient au moins le
dixième du capital ; ou
 persons to whom the practice of banker
is forbidden or who have been
 les personnes auxquelles l’exercice de
deprived of the right of directing,
la profession de banquier est interdit
administering
or
managing
an
ou qui sont déchus du droit de diriger,
enterprise in whatever capacity.
administrer ou gérer une société à un
The names and addresses of the initial A1
titre quelconque.
Bondholders’ Representative and the alternate A1
Les noms et adresses du Représentant de la Bondholders’ Representative are the following:
Masse des Obligataires A1 initial et du
Représentant de la Masse des Obligataires A1
 initial
representative:
ÆTHER
suppléant sont les suivants :
Financial Services

2 square la Bruyère
75009 Paris
France
représentant initial : ÆTHER Financial
Services
75009 Paris
France
In connection with its functions or duties, the A1
Bondholders’ Representative will be entitled to a
remuneration of €1,000 (exclusive of taxes) per year
104
Relativement à ses fonctions ou obligations,
le Représentant de la Masse des Obligataires
A1 sera autorisé à percevoir une
rémunération de 1.000 euros (hors taxes) par
an payable à la Date d'Émission et à chaque
Date de Paiement des Obligations tombant à
ou aux alentours de la date anniversaire de la
Date d'Émission par la suite.
En cas de décès, de retraite ou de révocation
de la nomination du Représentant de la
Masse des Obligataires A1 initial, ledit
représentant sera remplacé par un autre
Représentant de la Masse des Obligataires
A1. En cas de décès, de retraite ou de
révocation de la nomination du Représentant
de la Masse des Obligataires A1 suppléant,
un représentant suppléant sera élu par
l'Assemblée Générale. Les Représentants des
Masses des Obligataires A agiront à tout
moment comme représentants des deux
masses d‘Obligataires A1 et d’Obligataires
A2.
payable on the Issue Date and on each Bonds
Payment Date falling on or around the anniversary
date of the Issue Date thereafter.
In the event of death, retirement or revocation of
appointment of the initial A1 Bondholders’
Representative, such A1 Bondholders’ Representative
will be replaced by another A1 Bondholders’
Representative. In the event of the death, retirement
or revocation of appointment of the alternate A1
Bondholders’ Representative, an alternate A1
Bondholders’ Representative will be elected by the
General
Meeting.
The
A
Bondholders’
Representatives shall at all times act as representative
of both masses of A1 Bondholders and A2
Bondholders.
All interested parties will at all times have the right to
obtain the names and addresses of the initial A1
Bondholders’ Representative at the head office of the
Issuer and the specified offices of any of the Paying
Agents.
Toutes les parties intéressées auront à tout
moment le droit d'obtenir les noms et
adresses du Représentant initial de la Masse
des Obligataires A1 et du Représentant
suppléant au siège social de l'Émetteur et aux
bureaux désignés de chacun des Agents
Payeurs.
13.3
Pouvoirs du Représentant de la Masse des 13.3
Obligataires A1
Le Représentant de la Masse des Obligataires
A1 doit (en l'absence de toute décision
contraire de l’Assemblée Générale des
Obligataires
A1)
avoir
le
pouvoir
d’accomplir au nom de la masse tous les
actes de gestion pour la défense des intérêts
communs des Obligataires A1, sous réserve
des pouvoirs de l'Agent des Sûretés comme
décrit ci-dessous.
Powers
of
the
Representative
A1
Bondholders’
The A1 Bondholders’ Representative shall (in the
absence of any decision to the contrary of the A1
Bondholders’ General Meeting) have the power to
take any management action (acte de gestion)
necessary for the defence of the common interests of
the A1 Bondholders, subject to the powers of the
Security Agent as described below.
All legal proceedings brought against or by the A1
Bondholders must be brought by or against the A1
Toutes procédures judiciaires engagées à Bondholders’ Representative, as the case may be.
l'encontre ou par les Obligataires A1 doivent
être intentées par ou contre le Représentant The A1 Bondholders’ Representative shall not
de la Masse des Obligataires A1, selon le cas. interfere in the management of the Issuer’s affairs.
Le Représentant de la Masse des Obligataires The A1 Bondholders’ Representative is vested with
A1 n'interférera pas dans la gestion des the powers to create, manage and enforce the Security
Interests and to perform all acts or formalities relating
affaires de l'Émetteur.
the enforceability thereof. The A1 Bondholders’
Le Représentant de la Masse des Obligataires Representative hereby mandates the Security Agent
A1 est investi des pouvoirs de créer, gérer et for the purpose thereof, so that the Security Agent
105
réaliser les Sûretés et d’accomplir tout acte
ou toute formalité relative à son caractère
exécutoire. Le Représentant de la Masse des
Obligataires A1 mandate par les présentes
l'Agent des Sûretés à cette fin pour que
l'Agent des Sûretés gère et réalise les Sûretés
pour et au nom des Obligataires A1. Un tel
mandat sera explicite ou tacite, auquel cas il
résultera des opérations effectuées par
l'Agent des Sûretés décrites ci-dessus, sans
objection du Représentant de la Masse des
Obligataires A1.
shall manage and enforce the Security Interests for
and on behalf of the A1 Bondholders. Such mandate
shall be either explicit or tacit, in which case it will
result from the Security Agent performing the actions
described above without the A1 Bondholders’
Representative objecting to it.
The A1 Bondholders’ Representative shall
communicate to the Security Agent the A1
Bondholders’
decision.
Le Représentant de la Masse des Obligataires
A1 communiquera à l'Agent des Sûretés la
décision des Obligataires A1.
13.4
L'Assemblée Générale des Obligataires A1
13.4
The A1 Bondholders’ General Meeting
Générales des Obligataires A1 Bondholders’ General Meetings may be held at
tenir à tout moment, sur any time, on convocation either by the Issuer or the
par l'Émetteur, soit par le A1 Bondholders’ Representative.
la Masse des Obligataires
One or more A1 Bondholders, holding together at
least ten per cent (10%) of the nominal amount of
Un ou plusieurs Obligataires A1, détenant outstanding A1 Bonds, may address to the Issuer and
ensemble au moins dix pour cent (10 %) du the A1 Bondholders’ Representative a request for
montant nominal des Obligations A1 en convocation of the general meeting to pass either an
circulation, peu(ven)t adresser à l'Émetteur et Extraordinary Resolution, an Ordinary Resolution, to
au Représentant de la Masse des Obligataires vote upon an Entrenched Right or to pronounce a
A1 une demande de convocation de Meeting Enforcement Instruction Notice.
l'assemblée générale afin d'adopter soit une
Résolution
Extraordinaire,
soit
une The Issuer may also address to the relevant A1
Résolution Ordinaire, de voter sur un Droit Bondholders a request for convocation of the general
de Veto ou de prononcer une Notification meeting to pass an Ordinary Resolution.
d’Instruction de Réalisation d’Assemblée.
Les Assemblées
A1 peuvent se
convocation soit
Représentant de
A1.
L'Émetteur peut également adresser aux
Obligataires A1 concernés une demande de
convocation de l'assemblée générale afin
d'adopter une Résolution Ordinaire.
13.5
Pouvoirs de l'Assemblée Générale des 13.5
Obligataires A1
Une Assemblée Générale des Obligataires A1
est habilitée à délibérer sur la révocation et le
remplacement du Représentant de la Masse
des Obligataires A1 initial et du représentant
suppléant et peut également agir pour toute
autre question qui concerne les droits, actions
et avantages communs qui peuvent survenir
maintenant ou à l'avenir au titre des
Obligations A1, notamment autoriser le
Représentant de la Masse des Obligataires A1
à agir en justice en tant que demandeur ou
défendeur.
Powers of the A1 Bondholders’ General
Meeting
An A1 General Meeting is empowered to deliberate
on the dismissal and replacement of the initial A1
Bondholders’ Representative and also may act with
respect to any other matter that relates to the common
rights, actions and benefits which now or in the future
may accrue with respect to the A1 Bonds, including
authorising the A1 Bondholders’ Representative to
act at law as plaintiff or defendant.
The General Meeting may not, however, increase the
obligations of the A1 Bondholders, breach in any
106
L'Assemblée Générale ne peut toutefois, ni
accroître les charges des Obligataires A1, ni
établir un traitement inégal entre les
Obligataires A1, ni décider de convertir les
Obligations A1 en actions.
manner the principle of equality between A1
Bondholders, nor decide to convert the A1 Bonds into
shares.
In accordance with article R.228-71 of the French
Code de commerce, the right of each A1 Bondholder
to participate in General Meetings will be evidenced
by the entries in the books of the relevant Account
Holder, as the case may be, of the name of such A1
Bondholder as of 0:00, Paris time, on the second
business day in Paris preceding the date set for the
meeting of the relevant General Meeting.
Conformément à l'article R.228-71 du Code
de commerce, le droit de chaque Obligataire
A1 à participer aux Assemblées Générales
sera attesté par les inscriptions dans les livres
du Teneur de Compte concerné, selon le cas,
du nom de cet Obligataire A1 à partir de
00h00, heure de Paris, le deuxième jour Decisions of General Meetings must be published in
ouvré à Paris précédant la date fixée pour la accordance with the provisions set forth in Condition
réunion de l'Assemblée Générale concernée.
15
(“Notices”).
Les décisions des Assemblées Générales
doivent être publiées conformément aux
dispositions prévues à la Condition 15
(« Avis »).
13.6
Quorum et Pourcentages de votes
13.6
Quorum and Voting percentage
Les stipulations de cette Condition 13.6 sont The provisions of this Condition 13.6 are entirely
entièrement sous réserves des stipulations de qualified by the provisions of the Intercreditor
la Convention Intercréanciers, relatives aux Agreement, in relation to Combined Meetings.
Assemblées Combinées.
With respect to any decision relating to an
Au titre de toute décision relative à une Extraordinary Resolution:
Résolution Extraordinaire :
(a)
the quorum for any meeting convened to
(a)
le quorum pour toute assemblée
consider an Extraordinary Resolution shall be
convoquée pour examiner une
two or more persons holding or representing
Résolution Extraordinaire sera de
at least 50% or more of the Principal
deux personnes ou plus détenant ou
Outstanding Amount of the A1 Bonds for the
représentant au moins 50 % ou plus
time being outstanding, or at any adjourned
en Montant en Principal Restant Dû
meeting two or more persons holding or
des Obligations A1 en circulation,
representing 10% or more of the Principal
ou pour toute assemblée ajournée
Outstanding Amount of the A1 Bonds for the
de deux personnes ou plus détenant
time being; and
ou représentant au moins 10 % ou
plus en Montant en Principal (b)
an Extraordinary Resolution shall be duly
Restant Dû des Obligations A1 en
passed at a duly convened meeting of A1
circulation ; et
Bondholders if approved by at least two
persons holding or representing not less than
(b)
une Résolution Extraordinaire sera
66.66% of the Principal Outstanding Amount
dûment
adoptée
lors
d'une
of the A1 Bonds present or represented at
assemblée dûment convoquée des
such meeting.
Obligataires A1 si elle est
approuvée par au moins deux With respect to any decision relating to an Ordinary
personnes détenant ou représentant Resolution:
au moins 66,66 % en Montant en
Principal
Restant
Dû
des (a)
consider an Ordinary Resolution shall be one
Obligations A1 présentes ou
or more persons holding or representing 25%
représentées à ladite assemblée.
of the Principal Outstanding Amount of the
107
Au titre de toute décision relative à une
Résolution Ordinaire :
(a)
A1 Bonds for the time being or, at any
adjourned meeting, one or more persons
whatever the nominal amount of the A1
Bonds for the time being they represent; and
convoquée pour examiner une (b)
an Ordinary Resolution shall be duly passed
Résolution Ordinaire sera d’une ou
at a duly convened meeting of A1
plusieurs personnes détenant ou
Bondholders if approved by persons holding
représentant au moins 25 % en
or representing more than 50% of the
Montant en Principal Restant Dû des
Principal Outstanding Amount of the A1
Obligations A1 en circulation, ou
Bonds present or represented at such
pour toute assemblée ajournée, d'une
meeting.
ou plusieurs personnes quel que soit
le Montant en Principal Restant Dû With respect to any decision relating to an
des Obligations A1 détenu ou Entrenched Right:
représenté ; et
(a)
(b)
une Résolution Ordinaire sera
consider an Entrenched Right shall be two or
dûment adoptée lors d’une assemblée
more persons holding or representing at least
dûment convoquée des Obligataires
75% of the Principal Outstanding Amount of
A1 si elle est approuvée par des
the A1 Bonds for the time being, or at any
personnes détenant ou représentant
adjourned meeting two or more persons
plus de 50 % en Montant en Principal
holding or representing 1/3 or more of the
Restant Dû des Obligations A1
présentes ou représentées à cette
Bonds for the time being; and
assemblée.
(b)
a resolution relating to an Entrenched Right
Au titre de toute décision relative à un Droit
shall be duly passed at a duly convened
de Veto :
meeting of A1 Bondholders if approved (i)
by at least two persons holding or
(a)
representing not less than 75% of the
convoquée pour examiner un Droit
de Veto sera de deux personnes ou
Bonds present or represented at such meeting
plus détenant ou représentant au
in the case of a Category 1 Entrenched Right
moins 75 % en Montant en Principal
or (ii) at the unanimity of the A1
Restant Dû des Obligations A1 en
Bondholders present or represented at such
circulation, ou pour toute assemblée
meeting in the case of a Category 2
ajournée de deux personnes ou plus
Entrenched Right.
détenant ou représentant 1/3 ou plus
en Montant en Principal Restant Dû Any Extraordinary Resolution, an Ordinary
des Obligations A1 en circulation ; et Resolution or a resolution relating to an Entrenched
Right, in each case duly passed, shall be binding on
(b)
une résolution relative à un Droit de all A Bondholders (whether or not they were present
Veto sera dûment adoptée lors d'une at the meeting at which such resolution was passed).
assemblée dûment convoquée des
Obligataires A1 si elle est approuvée Decisions relating to Enforcement Instruction Notice
(i) par au moins deux personnes are passed in accordance with the quorum and
détenant ou représentant au moins 75 majority rules described in Condition 11 (“Events of
% en Montant en Principal Restant Default”).
Dû des Obligations A1 présentes ou
représentées à ladite assemblée,
s’agissant des Droits de Veto de
Catégorie 1, ou (ii) à l’unanimité des
Obligataires
A1
présents
ou
représentés à ladite assemblée,
s’agissant des Droits de Veto de
Catégorie 2.
108
Une
Résolution
Extraordinaire,
une
Résolution Ordinaire ou une résolution
relative à un Droit de Veto, dans chaque cas
dûment adoptée, liera tous les Obligataires A
(qu'ils aient été présents ou non à l'assemblée
pendant laquelle ladite résolution a été
adoptée).
Les décisions relatives aux Notifications
d’Instruction de Réalisation sont adoptées
conformément au quorum et aux règles de
majorité décrites à la Condition 11 (« Cas
d’Exigibilité Anticipée »).
13.7
13.8
Assemblées Combinées
13.7
Les décisions qui, de l’avis de l’Agent
Intercréanciers, affectent les Obligataires A1
et les Obligataires A2, seront adoptées lors
d’une seule et unique assemblée combinée
des Obligataires A, tel que décrit par
l’Accord Intercréanciers (les « Assemblées
Combinées »). Les Assemblées Combinées
peuvent se prononcer sur une Résolution
Ordinaire Combinée, une Résolution
Extraordinaire Combinée, ou un Droit de
Veto Combiné.
Certain decisions which, in the opinion of the
Intercreditor Agent, affect the A1 Bondholders and
the A2 Bondholders will be transacted at a single
combined meeting of all A Bondholders, as further
described
in
the
Intercreditor
Agreement
(“Combined Meetings”). Combined Meetings may
relate to a Combined Ordinary Resolution, a
Combined Extraordinary Resolution or a Combined
Entrenched
Right.
Information aux Obligataires
13.8
Chaque Obligataire A1 ou le Représentant de
la Masse des Obligataires A1 aura le droit,
pendant toute la période de dix (10) jours
calendaires précédant la tenue de chaque
Assemblée Générale, de consulter ou
d'effectuer des copies du texte de la
résolution devant être proposée et des
rapports devant être présentés à l'Assemblée
Générale. Ces documents seront disponibles
pour consultation au siège de l'Émetteur, dans
les bureaux désignés des Agents Payeurs et
dans tout autre endroit indiqué dans l'avis de
convocation de ladite assemblée.
Each A1 Bondholder or the A1 Bondholders’
Representative shall have the right, throughout the ten
(10) calendar day period preceding the holding of
each General Meeting, to consult or make copies of
the text of the resolutions to be proposed and of the
reports to be presented at the General Meeting. Such
documents will be available for inspection at the
principal office of the Issuer, at the specified offices
of the Paying Agents and at any other place specified
in the notice of such meeting.
L'Émetteur paiera, sur présentation des pièces
justificatives appropriées, toutes les dépenses
raisonnables engagées dans le cadre de la
conduite des affaires de la Masse A1, y
compris toutes les dépenses relatives aux avis
et la tenue des Assemblées Générales et, plus
généralement,
toutes
les
dépenses
administratives votées par l'Assemblée
Générale des Obligataires A1, à condition
toutefois qu'aucune dépense ne soit imputée à
tout intérêt payable au titre des Obligations
A1.
Combined Meetings
Information to Bondholders
The Issuer shall pay, upon presentation of the
appropriate supporting documents, all reasonable
expenses incurred in connection with the conduct of
the affairs of the Masse, including all expenses
relating to notices and the holding of General
Meetings and, more generally, all administrative
expenses voted by the A1 Bondholders’ General
Meeting, provided however that no expenses may be
imputed against any interest payable on the A1
Bonds.
109
13.9
14.
Avis des décisions
13.9
Notice of decisions
Les décisions des Assemblées Générales
seront
publiées
conformément
aux
dispositions établies à la Condition 15
(« Avis ») au plus tard quatre-vingt-dix (90)
jours à compter de cette date ou, en cas de
décision relative à une Approbation Négative
au plus tard trente (30) jours à compter de
cette date.
Decisions of the General Meetings shall be published
in accordance with the provisions set out in Condition
15 (“Notices”) not more than ninety (90) days from
the date thereof, or in the case of a decision related to
negative approval not more than thirty (30) days for
the
date
thereof.
AGENT DES SURETES
14.
L'Agent des Sûretés est désigné comme
mandataire des Obligataires A afin de créer,
gérer et réaliser les Documents de Sûretés
pour et au nom du Représentant des Masses
des Obligataires A, tel que décrit plus en
détail à la Condition 13.3 (« Pouvoirs du
Représentant des Masses des Obligataires
A »). En acquérant et en détenant une
Obligation A, le porteur d'une telle
Obligation A sera réputé avoir désigné
l'Agent des Sûretés comme indiqué ci-avant.
The Security Agent is appointed as agent of the A
Bondholders in order to create, manage and enforce
the Security Documents for and on behalf of the A
Bondholders’ Representative, as more fully described
in Condition 13.3 (“Powers of the A Bondholders’
Representative”). By acquiring and holding an A
Bond, the holder of such A Bond will be deemed to
appoint the Security Agent.
SECURITY AGENT
The name and address of the initial Security Agent
are as follows: ÆTHER Financial Services, 2 square
la Bruyère, 75009 Paris, France.
Le nom et l'adresse de l'Agent des Sûretés
initial sont les suivants : ÆTHER Financial The Security Agent may rely without liability to A
Services, 2 square la Bruyère, 75009 Paris, Bondholders on a report, confirmation or certificate
or any advice of any accountants, financial advisers,
France.
financial institution or any other expert, whether or
L'Agent des Sûretés peut se fier, sans que sa not addressed to it and whether their liability in
responsabilité envers les Obligataires A ne relation thereto is limited (by its terms or by any
soit engagée, à un rapport, une confirmation, engagement letter relating thereto entered into by the
un certificat ou tout conseil de comptables, Security Agent or in any other manner) by reference
conseillers financiers, d'une institution to a monetary cap, methodology or otherwise. The
financière ou tout autre expert, qu'il lui soit Security Agent may accept and shall be entitled to
adressé ou non, et que leur responsabilité à rely on any such report, confirmation or certificate or
cet égard soit limitée (par ses termes ou par advice in which event such report, confirmation or
toute lettre d'engagement y afférente conclue certificate or advice shall be binding on the Issuer, the
par l'Agent des Sûretés ou de toute autre Security Agent, the Bondholders and the
manière) en référence à un plafond Bondholders’ Representative.
monétaire, une méthodologie ou autrement.
L'Agent des Sûretés peut accepter et sera So long as any A Bonds are outstanding, the Security
autorisé à se fonder sur de tels rapports, Agent may retire or be removed, and replaced.
confirmations, certificats ou conseils, auquel However any removal or resignation of the Security
cas, ledit rapport, ladite confirmation, ledit Agent shall not become effective until the acceptance
certificat ou ledit conseil a force exécutoire of appointment by the successor Security Agent by a
pour l'Émetteur, l'Agent des Sûretés, les Combined Ordinary Resolution to be passed at a
Obligataires et le Représentant des Masses General Meeting of A Bondholders to be convened
by the A Bondholders’ Representatives at the earliest
des Obligataires.
practicable
date.
Tant que des Obligations A sont en
circulation, l'Agent des Sûretés peut
démissionner ou être révoqué et remplacé.
Cependant, aucune révocation ou démission
de l'Agent des Sûretés n'entrera en vigueur
110
avant l'acceptation de la nomination par son
successeur par une Résolution Ordinaire
Combinée devant être adoptée lors d'une
Assemblée Générale des Obligataires A, qui
sera convoquée par les Représentants des des
Masses des Obligations A1 à la date possible
la plus proche.
15.
AVIS
15.1
Les avis adressés par l'Émetteur aux 15.1
Obligataires A1 sont valables soit (i) tant que
les A1 sont admis aux négociations sur
Alternext et que les règles de marché
imposent qu’elles soient publiées sur le site
internet d’Euronext (www.euronext.com),
soit, (ii) s’ils sont publiés au gré de
l'Émetteur concerné, dans un quotidien de
premier plan à circulation générale en Europe
(qui devrait être le Financial Times).
Notices addressed by the Issuer to the holders
of A1 Bonds shall be valid either (i) so long
as the A1 Bonds are listed on Alternext and
the rules of that stock exchange so require
they are published on the Euronext website
(www.euronext.com), or, (ii) if the A1 Bonds
are no longer so listed, they are published at
the option of the Issuer, in a leading daily
newspaper of general circulation in Europe
(which is expected to be the Financial
Times).
15.2
Les avis adressés aux Obligataires A1 15.2
conformément à ces Conditions peuvent être
remis à Euroclear France, Euroclear,
Clearstream ou tout autre système de
compensation par le biais duquel les
Obligations A1 sont ensuite compensées, au
lieu de l'affichage ou de la publication de
l'avis tel que prévue à la Condition 15.1 cidessus.
Notices addressed to holders of A1 Bonds in
accordance with these Conditions may be
delivered to Euroclear France, Euroclear,
Clearstream or any other clearing system
through which the A Bonds are then cleared,
instead of posting or publishing the notice as
provided in Condition 15.1 above.
16.
PRESCRIPTION
16.
PRESCRIPTION
Les réclamations contre l'Émetteur pour le
paiement du principal et de l'intérêt
relativement aux Obligations A seront
prescrites et deviennent caduques à moins
d’avoir été faites dans les dix (10) ans (dans
le cas du principal) ou cinq (5) ans (dans le
cas de l'intérêt) à compter de leur date
d’exigibilité.
Claims against the Issuer for payment of principal
and interest in relation to the A Bonds shall be
prescribed and become void unless made within ten
(10) years (in the case of principal) or five (5) years
(in the case of interest) from due date for payment
thereof.
EMISSIONS ASSIMILABLES
17.
L'Émetteur ne peut pas, sauf disposition
contraire dans les présentes et dans la
Convention Intercréanciers, émettre d’autres
Obligations A assimilées soit avec les
Obligations A1, soit les Obligations A2.
The Issuer may not, except as otherwise provided
herein and in the Intercreditor Agreement, issue
further A Bonds to be assimilated (assimilées) with
either the A1 Bonds or the A2 Bonds.
17.
15.
18.
DROIT APPLICABLE, LANGUE ET 18.
COMPETENCE
18.1
Droit applicable
NOTICES
FURTHER ISSUES
GOVERNING LAW, LANGUAGE AND
JURISDICTION
18.1
Governing law
Les Obligations A et toute obligation non- The A Bonds and any non-contractual obligation
111
contractuelle résultant des Obligations A ou arising out of or in connection with the A Bonds are
en lien avec elle sont régies par, et seront governed by, and shall be interpreted in accordance
interprétées conformément, au droit français. with, French law.
18.2
Compétence
18.2
Toute réclamation contre l’Émetteur relative
aux Obligations A sera portée devant les
tribunaux compétents du ressort de la Cour
d'Appel de Paris, sous réserve des
dispositions impératives de la loi.
18.3
Any claims against the Issuer relating to the A Bonds
shall be brought before the competent courts of the
jurisdiction in Paris, subject to mandatory provisions
of
law.
Langue
18.3
Ces Conditions ont été rédigées en français et
en anglais, mais seule la version française
fera foi en tant que version authentique. La
version anglaise est fournie à des fins
d'information uniquement.
Jurisdiction
Language
These Terms and Conditions have been drafted in
French and in English, but only the French version
may be relied upon as the authentic and binding
version. The English version is provided for
information purposes only.
112
Annexe 1 aux Conditions
(Montant Amorti des Obligations A1)
Schedule 1 to the Condtions
(A1 Bonds Amortisation Amounts)
L’amortissement prévu du principal des Obligations
A1 à chaque Date de Paiement des Obligations est
décrit dans le tableau ci-dessous, pour une
Obligation A1 d’une valeur nominale initiale de
100.000 euros :
The scheduled principal payment on the A1 Bonds on
each Bonds Payment Date is set out in the table below
with respect to an A1 Bond with an initial
denomination
of
€100,000:
ANNEXE D’AMORTISSEMENT DES OBLIGATIONS A1
SUR UNE BASE SEMESTRIELLE POUR UNE VALEUR NOMINALE
D’OBLIGATIONS A1 DE 100.000 EUORS
Date de Paiement des Obligations
Montant d’Amortissement en euros
31 janvier 2017
420,00
31 juillet 2017
420,00
31 janvier 2018
300,00
31 juillet 2018
480,00
31 janvier 2019
376,47
31 juillet 2019
588,24
31 janvier 2020
470,59
31 juillet 2020
588,24
31 janvier 2021
564,71
31 juillet 2021
802,89
31 janvier 2022
647,06
31 juillet 2022
907,15
31 janvier 2023
610,89
31 juillet 2023
1.008,41
31 janvier 2024
831,27
31 juillet 2024
814,89
31 janvier 2025
181,43
31 juillet 2025
1.016,64
31 janvier 2026
705,88
31 juillet 2026
941,18
31 janvier 2027
1.058,82
31 juillet 2027
941,18
31 janvier 2028
882,35
31 juillet 2028
1.058,82
31 janvier 2029
941,18
31 juillet 2029
1.176,47
31 janvier 2030
1.176,47
31 juillet 2030
1.411,76
31 janvier 2031
1.176,47
31 juillet 2031
1.247,06
31 janvier 2032
1.270,59
31 juillet 2032
1.352,94
31 janvier 2033
1.619,86
31 juillet 2033
1.692,24
31 janvier 2034
1.826,42
31 juillet 2034
1.826,42
31 janvier 2035
1.766,62
31 juillet 2035
2.303,89
31 janvier 2036
2.693,48
31 juillet 2036
2.858,87
31 janvier 2037
2.740,74
31 juillet 2037
2.858,81
31 janvier 2038
2.762,27
31 juillet 2038
2.953,38
31 janvier 2039
2.969,26
31 juillet 2039
2.835,25
31 janvier 2040
2.835,25
31 juillet 2040
2.681,67
31 janvier 2041
2.717,11
31 juillet 2041
2.421,77
31 janvier 2042
2.764,87
31 juillet 2042
2.488,38
31 janvier 2043
2.687,45
31 juillet 2043
2.660,58
31 janvier 2044
2.216,16
31 juillet 2044
2.966,25
31 janvier 2045
3.440,85
31 juillet 2045
3.074,81
31 janvier 2046
3.477,07
31 juillet 2046
3.490,22
Amortisement total
100.000,00
A1 BONDS AMORTISATION SCHEDULE
ON A SEMI ANNUAL BASIS FOR A €100 000 NOMINAL OF A1
BONDS
Bonds Payment Date
Amortisation Amount in euros
31 January 2017
420.00
31 July 2017
420.00
31 January 2018
300.00
31 July 2018
480.00
31 January 2019
376.47
31 July 2019
588.24
31 January 2020
470.59
31 July 2020
588.24
31 January 2021
564.71
31 July 2021
802.89
31 January 2022
647.06
31 July 2022
907.15
31 January 2023
610.89
31 July 2023
1,008.41
31 January 2024
831.27
31 July 2024
814.89
31 January 2025
181.43
31 July 2025
1,016.64
31 January 2026
705.88
31 July 2026
941.18
31 January 2027
1,058.82
31 July 2027
941.18
31 January 2028
882.35
31 July 2028
1,058.82
31 January 2029
941.18
31 July 2029
1,176.47
31 January 2030
1,176.47
31 July 2030
1,411.76
31 January 2031
1,176.47
31 July 2031
1,247.06
31 January 2032
1,270.59
31 July 2032
1,352.94
31 January 2033
1,619.86
31 July 2033
1,692.24
31 January 2034
1,826.42
31 July 2034
1,826.42
31 January 2035
1,766.62
31 July 2035
2,303.89
31 January 2036
2,693.48
31 July 2036
2,858.87
31 January 2037
2,740.74
31 July 2037
2,858.81
31 January 2038
2,762.27
31 July 2038
2,953.38
31 January 2039
2,969.26
31 July 2039
2,835.25
31 January 2040
2,835.25
31 July 2040
2,681.67
31 January 2041
2,717.11
31 July 2041
2,421.77
31 January 2042
2,764.87
31 July 2042
2,488.38
31 January 2043
2,687.45
31 July 2043
2,660.58
31 January 2044
2,216.16
31 July 2044
2,966.25
31 January 2045
3,440.85
31 July 2045
3,074.81
31 January 2046
3,477.07
31 July 2046
3,490.22
Total amortisation
100,000.00
113
TAXATION
The statements herein regarding taxation are based on the laws in force in the Republic of France as of the
date of this Information Memorandum and are subject to any changes in law. The following summary does not
purport to be a comprehensive description of all the tax considerations which may be relevant to a decision to
invest in the A1 Bonds. Each prospective holder or beneficial owner of A1 Bonds should consult its tax
advisor as to the French tax consequences of any investment in or ownership and disposition of the A1 Bonds.
French Taxation
The following is a summary of certain tax considerations that may be relevant to holders of A1 Bonds who do
not hold shares of the Issuer.
The Directive 2003/48/EC regarding the taxation of savings income was implemented into French law under
Article 242 ter of the French Code général des Impôts and Articles 49 I-ter to 49 I-sexies of Schedule III to
the French Code général des impôts, which imposes on paying agents based in France an obligation to report
to the French tax authorities certain information with respect to interest payments made to beneficial owners
domiciled in another Member State, including, among other things, the identity and address of the beneficial
owner and a detailed list of the different categories of interest paid to that beneficial owner.
Pursuant to Article 125 A III of the French Code général des impôts, interest and other similar revenues (such
as reimbursement premiums) whose debtor is domiciled or established in France, which are paid outside of
France in a non-cooperative State or territory within the meaning of Article 238-0 A of the French Code
général des impôts (a "Non-Cooperative State"), are subject to a 75% withholding tax (subject to more
favourable provisions applying under an applicable tax treaty), unless such debtor demonstrates that the main
purpose and effect of the transactions to which such interest and other revenues correspond is not to enable
their payment in a Non-Cooperative State.
Furthermore, according to Article 238 A of the French Code général des impôts, interest and other revenues
whose debtor is domiciled or established in France will no longer be deductible from the Issuer's taxable
income if they are paid or accrued to persons domiciled or established in a Non-Cooperative State or paid in
such a Non-Cooperative State unless such debtor can prove that the relevant interest and other revenues relate
to genuine transactions and is not an abnormal or exaggerated amount and that the main purpose and effect of
the transactions to which such interest and other revenues correspond is not to enable their payment in a NonCooperative State (the “Deductibility Exclusion”). Under certain conditions, any such non-deductible interest
and other revenues may be recharacterized as constructive dividends pursuant to Article 109 of the French
Code général des impôts, in which case such non-deductible interest and other revenues may be subject to the
withholding tax set out under Article 119 bis 2 of the French Code général des impôts, at a rate of 30% or
75% in case of payment made in a Non-Cooperative State (subject to the more favourable provisions of an
applicable double tax treaty).
Notwithstanding the foregoing, the law provides that neither the 75 per cent. withholding tax set out under
Article 125 A III of the French Code général des impôts, nor, to the extent that the relevant interest or
revenues relate to genuine transactions and is not an abnormal or exaggerated amount, the Deductibility
Exclusion and the withholding tax set out under Article 119 bis 2 of the French Code général des impôts that
may be levied as a result of such non-deductibility, will apply in respect of the A1 Bonds if the Issuer can
prove that the principal purpose and effect of the issue of the A1 Bonds was not that of allowing the payments
of interest or other revenues to be made in a Non-Cooperative State (the “Exception”). Pursuant to Bulletin
officiel des Finances Publiques-Impôts BOI-INT-DG-20-50-20140211, dated 11 February 2014, BOI-RPPMRCM-30-10-20-40-20140211 dated 11 February 2014 and BOI-IR-DOMIC-10-20-20-60 dated 20 March
114
2015, the A1 Bonds will benefit from the Exception without the Issuer having to provide any proof of the
purpose and effect of the issue of the A1 Bonds, if the A1 Bonds are:
(a)
offered by means of a public offer within the meaning of Article L.411-1 of the French Code
monétaire et financier or pursuant to an equivalent offer in a State other than a Non-Cooperative State.
For this purpose, an "equivalent offer" means any offer requiring the registration or submission of an
offer document by or with a foreign securities market authority; or
(b)
admitted to trading on a regulated market or on a French or foreign multilateral securities trading
system provided that such market or system is not located in a Non-Cooperative State, and the
operation of such market is carried out by a market operator or an investment services provider, or by
such other similar foreign entity, provided further that such market operator, investment services
provider or entity is not located in a Non-Cooperative State; or
(c)
admitted, at the time of their issue, to the clearing operations of a central depositary or of a securities
clearing and delivery and payments systems operator within the meaning of Article L.561-2 of the
French Code monétaire et financier, or of one or more similar foreign depositaries or operators
provided that such depositary or operator is not located in a Non-Cooperative State.
Payments of interest and other similar revenues in respect of the A1 Bonds, which are admitted, at the time of
their issue, to the operations of Euroclear France, are therefore exempt from the withholding tax set out under
Article 125 A III of the French Code général des impôts.
In addition payment of interest and other similar revenues in respect of the A1 Bonds will not be subject to the
Deductibility Exclusion, solely on account of there being paid in a Non-Cooperative State or paid or accrued
to persons domiciled or established in a Non-Cooperative State.
Pursuant to Article 125 A of the French Code général des impôts subject to certain limited exceptions, interest
and similar revenues received by French tax resident individuals is subject to a 24% withholding tax, which is
deductible from their personal income tax liability in respect of the year in which the payment has been made.
Social contributions (CSG, CRDS and other related contributions) are also levied by way of withholding tax at
an aggregate rate of 15.5% on interest and similar revenues paid to French tax resident individuals.
Foreign Account Tax Compliance Withholding
Pursuant to certain provisions of the United States Internal Revenue Code of 1986, as amended (the “Code”),
commonly known as FATCA, a “foreign financial institution” may be required to withhold on certain
payments it makes (“foreign passthru payments”) to persons that fail to meet certain certification, reporting, or
related requirements. The issuer is a foreign financial institution for these purposes. A number of jurisdictions
(including France) have entered into, or have agreed in substance to, intergovernmental agreements with the
United States to implement FATCA (“IGAs”), which modify the way in which FATCA applies in their
jurisdictions. A foreign financial institution in an IGA jurisdiction would generally not be required to withhold
under FATCA or an IGA from payments that it makes. Certain aspects of the application of the FATCA
provisions and IGAs to instruments such as the A1 Bonds, including whether withholding would ever be
required pursuant to FATCA or an IGA with respect to payments on instruments such as the A1 Bonds, are
uncertain and may be subject to change. Even if withholding would be required pursuant to FATCA or an
IGA with respect to payments on instruments such as the A1 Bonds, such withholding would not apply prior
to 1 January 2019 and A1 Bonds issued on or prior to the date that is six months after the date on which final
regulations defining “foreign passthru payments” are filed with the U.S. Federal Register generally would be
“grandfathered” for purposes of FATCA withholding unless materially modified after such date. Holders
should consult their own tax advisors regarding how these rules may apply to their investment in the A1
Bonds. In the event any withholding would be required pursuant to FATCA or an IGA with respect to
payments on the A1 Bonds, no person will be required to pay additional amounts as a result of the
withholding.
115
SUBSCRIPTION AND SALE
The Joint Bookrunners have, pursuant to a Subscription Agreement dated 2 August 2016 (the
“Subscription Agreement”), jointly and severally agreed with the Issuer, subject to the satisfaction of certain
conditions, to procure subscribers, failing which to subscribe, for the A1 Bonds at an issue price equal to
100 per cent. of the principal amount of the A1 Bonds, less any applicable commission. In addition, the Issuer
will pay certain costs incurred by it and the Joint Arrangers and Bookrunners in connection with the issue of
the A Bonds.
The Joint Bookrunners are entitled to terminate the Subscription Agreement in certain limited
circumstances prior to the issue of the A Bonds. The Issuer has agreed to indemnify the Joint Arrangers and
Bookrunners against certain liabilities in connection with the offer and sale of the A Bonds.
General
Each Joint Arranger and Bookrunner has agreed to observe all applicable laws and regulations in each
jurisdiction in or from which it may acquire, offer, sell or deliver A1 Bonds or have in its possession or
distribute this Information Memorandum or any other offering material relating to the A1 Bonds. No action
has been, or will be, taken in any country or jurisdiction that would permit a public offering of the A1 Bonds,
or the possession or distribution of this Information Memorandum or any other offering material relating to
the A1 Bonds, in any country or jurisdiction where action for that purpose is required. Accordingly, the A1
Bonds may not be offered or sold, directly or indirectly, and neither this Information Memorandum nor any
circular, prospectus, form of application, advertisement or other offering material relating to the A1 Bonds
may be distributed in or from, or published in, any country or jurisdiction except under circumstances that will
result in compliance with any applicable laws and regulations and all offers and sales of A1 Bonds by it will
be made on the same terms.
France
Each of the Joint Arrangers and Bookrunners has represented and agreed that it has not offered or sold
and will not offer or sell, directly or indirectly, any A1 Bonds to the public in France and it has not distributed
or caused to be distributed and will not distribute or cause to be distributed to the public in France, the
Information Memorandum or any other offering material relating to the A1 Bonds and such offers, sales and
distributions have been and will be made in France only to (a) persons providing investment services relating
to portfolio management for the account of third parties (personnes fournissant le service d’investissement de
gestion de portefeuille pour compte de tiers), and/or (b) qualified investors (investisseurs qualifiés) other than
individuals acting on their own account, as defined in, and in accordance with, Articles L.411-1, L.411-2 and
D.411-1 of the French Code monétaire et financier.
United Kingdom
Each Joint Arranger and Bookrunner has represented and agreed that:
(i)
it has only communicated or caused to be communicated and will only communicate or cause
to be communicated an invitation or inducement to engage in investment activity (within the meaning of
section 21 of the Financial Services and Markets Act 2000 (the “FSMA”)) received by it in connection with
the issue or sale of the A1 Bonds in circumstances in which section 21(1) of the FSMA would not, if the
Issuer were not an authorised person, apply to the Issuer; and
(ii)
it has complied and will comply with all applicable provisions of the FSMA with respect to
anything done by it in relation to the A1 Bonds in, from or otherwise involving the United Kingdom.
United States
The A1 Bonds have not been and will not be registered under the Securities Act or the securities law
of any U.S. state, and the A1 Bonds may not be offered or sold, directly or indirectly, in the United States
except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act or such state securities laws. The A1 Bonds are being offered and sold only outside of the
United States in reliance on Regulation S under the Securities Act (“Regulation S”). Terms used in this
116
paragraph and not otherwise defined in this Information Memorandum have the meanings given to them in
Regulation S.
In addition, until 40 days after the commencement of the offering of the A1 Bonds, an offer or sale of
A1 Bonds within the United States by a dealer that is not participating in the offering may violate the
registration requirements of the Securities Act.
117
GLOSSARY
The following definitions are extracted from the Master Definitions Agreement:
“€” and “EUR” means the single currency introduced
at the third stage of European Economic and Monetary
Union pursuant to the Treaty establishing the European
Communities.
« € » et « EUR » font référence à la devise unique des
Etats membres de l'Union Européenne ayant adopté
l'euro en tant que monnaie légale conformément à la
législation de l'Union Européenne relative à l'Union
Économique et Monétaire.
“A Bonds” or “Bonds” means the A1 Bonds and the
A2 Bonds.
« Obligations A » ou « Obligations » désigne les
Obligations A1 et les Obligations A2.
“A Bonds Debt Service Reserve Account” means the
reserve account opened for the purpose of covering the
A Bonds debt service. The Issuer shall receive
payments in, and make payments from, the A Bonds
Debt Service Reserve Account in accordance with the
provisions of the Finance Documents.
« Compte de Réserve du Service de la Dette des
Obligations A » désigne le compte de réserve ouvert
aux fins de couvrir le service de la dette des
Obligations A. L'Émetteur recevra des paiements sur,
et effectuera des paiements depuis, ce Compte de
Réserve du Service de la Dette des Obligations A
conformément aux stipulations des Documents de
Financement.
“A Bonds Debt Service Reserve Securities Account”
means the securities account opened for the purpose of
registering securities in which the cash available to the
credit of the A Bonds Debt Service Reserve Account
has been invested pending allocation as Cash
Equivalent Investments.
« Compte Titres de Réserve du Service de la Dette
des Obligations A » désigne le compte titres financiers
ouvert aux fins d’inscrire les titres financiers acquis au
moyen des disponibilités figurant au crédit du Compte
de Réserve du Service de la Dette des Obligations A et
placés en Investissements en Équivalents de Trésorerie
dans l’attente de leur utilisation.
“A Bonds Discharge Date” means the first date on
which all A Bonds have been fully and finally
discharged.
« Date d’Acquittement des Obligations A » désigne
la première date à laquelle les Obligations A ont été
entièrement et finalement remboursées.
“A Bonds DSRA Required Amount” means, on any
Bond Payment Date, an amount which is equal to :
« Solde Requis pour le CRSD des Obligations A »
désigne à chaque Date de Paiement des Obligations, un
montant égal :
(a)
until the fifth (5th) year as from the Issue
Date, the maximum of the six (6) months
scheduled debt service (including the funding
of the projected A2 Bonds Redemption
Reserve Amount taking into account the
inflation assumptions of the Financial Model
for such 6 months period) over the first five
years; and
(a)
jusqu’à la cinquième année (5ème) suivant la
Date d’Emission, au maximum du service de
la dette prévu sur une période de six (6) mois
pendant les cinq (5) premières années (en ce
inclus le financement du montant estimé du
Montant de la Réserve pour l’Amortissement
des Obligations A2 en prenant en compte les
hypothèses d’inflation du Modèle Financier
pour un tel service de la dette semestriel) ; et
(b)
after the fifth (5th) year following the Issue
Date: the next six (6) months scheduled debt
service (including the funding of the
projected A2 Bonds Redemption Reserve
Amount taking into account the inflation
assumptions of the Financial Model for such
next 6 months period).
(b)
après la cinquième (5ème) année suivant la
Date d’Emission, au service de la dette prévu
sur la période de six (6) mois qui suit cette
Date de Paiement d’Obligations (en ce inclus
le financement du montant estimé du
Montant de la Réserve pour l’Amortissement
des Obligations A2 en prenant en compte les
hypothèses d’inflation du Modèle Financier
pour un tel service de la dette semestriel).
“A Bonds Redemption Amount” means the A1 Bonds
Redemption Amount or the A2 Bonds Redemption
Amount, as the case may be.
« Montant de Remboursement des Obligations A »
désigne, selon le cas, le Montant de Remboursement
des Obligations A1 ou le Montant de Remboursement
des Obligations A2.
“A Bonds Subscription Agreement” means the bond
subscription agreement entered into on or about the
date hereof between the Issuer and the Joint Lead
Managers relating to the issue and subscriptions of the
A1 Bonds and of the A2 Bonds.
« Contrat de Souscription des Obligations A »
désigne le contrat de souscription des obligations
conclu à la date des présentes, ou aux alentours de cette
date, entre l’Emetteur et les Co-Chefs de File et portant
sur l’émission et la souscription des Obligations A1 et
des Obligations A2.
“A Bondholders” or “Bondholders” means the A1
« Obligataires A » ou « Obligataires » désigne les
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Bondholders and/or the A2 Bondholders, as the case
may be.
Obligataires A1 et/ou les Obligataires A2, selon le cas.
“A1 Bondholders” means the person whose name
appears in the account of the relevant Account Holder
as being entitled to such A1 Bonds.
« Obligataires A1 » désigne la personne dont le nom
apparaît dans le compte du Teneur de Compte concerné
en tant que propriétaire desdites Obligations A1.
“A1 Bondholders’ Representative” means the person
appointed as representative under Condition 13.2 of the
Terms and Conditions of the A1 Bonds.
« Représentant de la Masse des Obligataires A1 »
désigne la personne nommée en cette qualité dans la
Condition 13.2 des Termes et Conditions des
Obligations A1.
“A1 Bonds” means the €857,500,000 2.485 per cent.
senior secured amortising A1 Bonds due 31 July 2046
the terms of which are set out in the Terms and
Conditions of the A1 Bonds.
« Obligations A1 » désigne les obligations senior
amortissables assorties de sûretés, à 2,485 %, arrivant à
échéance le 31 juillet 2046, pour un montant de
857.500.000 euros et dont les termes sont définis dans
les Termes et Conditions des Obligations A1.
“A1 Bonds Interest Rate” has the meaning ascribed to
such term in Condition 7.1 of the Terms and
Conditions of the A1 Bonds (“Interest on the A1
Bonds”).
« Taux d’Intérêt des Obligations A1 » a le sens
donné à ce terme à la Condition 7.1 des Termes et
Conditions des Obligations A1 (Intérêts sur les
Obligations A1).
“A1 Bonds Maturity Date” has the meaning ascribed
to such term in Condition 9.1 of the Terms and
Conditions of the A1 Bonds (“Redemption by
Instalments”).
« Date d’Échéance des Obligations A1 » a le sens
Conditions des Obligations A1 (Remboursement
Echelonné).
“A1 Bonds Redemption Amount” means, an amount
equal to the higher of: (i) the Principal Outstanding
Amount of the relevant A1 Bonds as at the relevant
redemption date; and (ii) the present value as at the
redemption date of: (A) the scheduled instalments of
principal due on each redemption date of the A1 Bonds
until the relevant Final Maturity Date of the A1 Bonds
plus (B) all remaining scheduled interest payments due
on the A1 Bonds to the Final Maturity Date (excluding
accrued but unpaid interest to the redemption date),
computed by the Calculation Agent using a discount
rate equal to the sum of the Reference Rate and the
Applicable Make-Whole Spread as of the relevant
redemption date and assuming the A1 Bonds would
otherwise have been redeemed in accordance with the
Conditions.
« Montant de Remboursement des Obligations A1 »
désigne un montant égal au plus élevé du : (i) le
Montant en Principal Restant Dû des Obligations A1
concernées, à la date de remboursement concernée ; et
(ii) la valeur actualisée, à la date de remboursement
concernée, des : (A) remboursements échelonnés de
principal prévus à chaque date de remboursement des
Obligations A1 jusqu’à la Date d’Échéance Finale des
Obligations A1 plus (B) l’intégralité des paiements
d’intérêts prévus restant dus au titre des Obligations A1
jusqu'à la Date d’Échéance Finale (à l’exclusion des
intérêts courus mais non payés jusqu’à la date de
remboursement), établie par l’Agent de Calcul ayant
appliqué un taux de décote égal à la somme du Taux de
Référence et de la Marge de Make-Whole Applicable, à
la date de remboursement concernée, et prenant pour
hypothèse que les Obligations A1 auraient sinon été
remboursées conformément aux Conditions.
“A2 Bondholders” means the person whose name
appears in the account of the relevant Account Holder
as being entitled to such A2 Bonds.
« Obligataires A2 » désigne la personne dont le nom
apparaît dans le compte du Teneur de Compte concerné
en tant que propriétaire desdites Obligations A2.
“A2 Bondholders’ Representative” means the person
appointed as representative under Condition 13.2 of the
Terms and Conditions of the A1 Bonds.
« Représentant de la Masse des Obligataires A2 »
désigne la personne nommée en cette qualité dans la
Obligations A2.
“A2 Bonds” means the €42,500,000 senior secured
inflation-linked A2 Bonds due on 31 July 2032 the
terms of which are set out in the Terms and Conditions
of the A2 Bonds.
« Obligations A2 » désigne les obligations senior
indexées sur l’inflation assorties de sûretés, arrivant à
échéance le 31 juillet 2032 pour un montant de
42.500.000 euros et dont les termes sont définis dans
les Termes et Conditions des Obligations A2.
“A2 Bonds Determination Date” means, in respect of
an A2 Bonds Payment Date, the date falling six (6)
Business Days prior to such A2 Bonds Payment Date.
« Date de Détermination des Obligations A2 »
désigne, concernant une Date de Paiement des
Obligations A2, la date tombant six (6) Jours Ouvrés
avant ladite Date de Paiement des Obligations A2.
“A2 Bonds Indexed Principal Outstanding Amount”
means, on a given date, an amount equal to the product
of the Principal Outstanding Amount of an A2 Bond
« Montant en Principal Restant Dû Indexé des
Obligations A2 » désigne à une date donnée, un
montant égal à la somme du Montant en Principal
Restant Dû d’une Obligation A2 et du Ratio d’Indice
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and the Inflation Index Ratio applicable on such date.
d’Inflation applicable à cette date.
“A2 Bonds Interest Rate” has the meaning ascribed to
Conditions of the A2 Bonds (“Interest on the A2
Bonds”).
« Taux d’Intérêt des Obligations A2 » a le sens
Conditions des Obligations A2 (Intérêts sur les
Obligations A2).
“A2 Bonds Liabilities” means all of the sums, payable
or not yet payable, owed by the Issuer at any given
time in any currency whatsoever to the A2
Bondholders, in particular by way of principal, interest,
default interest, premiums, costs, fees, indemnities,
break costs and other ancillary costs in connection with
the protection, preservation or exercise of its rights
pursuant to the Intercreditor Agreement and the
Finance Documents.
« Dettes au titre des Obligations A2 » désigne toutes
les sommes, due ou non encore dues, par l’Emetteur à
tout moment en toute monnaie que ce soit aux
Obligataires A2, en particulier en principal, intérêt,
intérêt de retard, pénalités, coûts, frais, indemnités,
coûts de rupture et tout autre coûts accessoire en
relation avec protection, la préservation ou l’exercice
de ses droits en vertu de l’Accord Intercréanciers et des
Documents de Financement.
“A2 Bonds Maturity Date” has the meaning ascribed
Conditions of the A2 Bonds (“Redemption at
Maturity”).
« Date d’Échéance des Obligations A2 » a le sens
Conditions des Obligations A2 (Remboursement à
l’Echéance).
“A2 Bonds Payment Date” means 31 July in each year
commencing on 31 July 2017.
« Date de Paiement des Obligations A2 » désigne le
31 juillet chaque année, commençant le 31 juillet 2017.
“A2 Bonds Redemption Amount” means, an amount
equal to the higher of: (i) the A2 Bonds Indexed
Principal Outstanding Amount of the relevant A2
Bonds as at the relevant redemption date; and (ii) the
present value as at the redemption date of: (A) the A2
Bonds Scheduled Redemption Amount plus (B) all
remaining scheduled interest payments due on the A2
Bonds to the A2 Bonds Maturity Date (excluding
accrued but unpaid interest to the redemption date),
computed by the Calculation Agent using a discount
rate equal to the sum of the Reference Rate and the
Applicable Make-Whole Spread as of the relevant
redemption date and assuming the A2 Bonds would
otherwise have been redeemed in accordance with the
Conditions.
« Montant de Remboursement des Obligations A2 »
désigne un montant égal au plus élevé du : (i) Montant
en Principal Restant Dû Indexé des Obligations A2 des
Obligations A2 concernées, à la date de remboursement
concernée ; et (ii) la valeur actualisée, à la date de
remboursement concernée, des montants suivants :
(A) le Montant de Remboursement Prévu des
Obligations A2 plus (B) l’intégralité des paiements
d’intérêts prévus restant dus au titre des Obligations A2
jusqu'à la Date d’Échéance des Obligations A2 (à
l’exclusion des intérêts courus mais non payés jusqu’à
la date de remboursement), établie par l’Agent de
Calcul ayant appliqué un taux de décote égal à la
somme du Taux de Référence et de la Marge de MakeWhole Applicable, à la date de remboursement
concernée, et prenant pour hypothèse que les
Obligations A2 auraient sinon été remboursées
conformément aux présentes Conditions.
“A2 Bonds Redemption Reserve Account” means the
account opened for the purpose of crediting the A2
Bonds Redemption Reserve Amount.
« Compte de Réserve pour l’Amortissement des
Obligations A2 » désigne le compte bancaire ouvert
pour les besoins de créditer le Montant de la Réserve
pour l’Amortissement des Obligations A2.
“A2 Bonds Redemption Reserve Amount” means, on
each A2 Bonds Payment Date, an amount calculated as
follows: (Principal Outstanding Amount of the A2
Bonds multiplied by the relevant percentage as listed in
the appendix attached to the Terms and Conditions of
the A2 Bonds) multiplied by the Inflation Index Ratio
less existing outstanding balance of the A2 Bonds
Redemption Reserve Account.
« Montant de la Réserve pour l’Amortissement des
Obligations A2 » désigne à chaque Date de Paiement
des Obligations A2, un montant égal au (Montant en
Principal Restant Dû des Obligations A2 multiplié par
le pourcentage concerné visé à l’annexe des Termes et
Conditions des Obligations A2) multiplié par le Ratio
d’Indice d’Inflation moins le montant actuel des
sommes figurant sur le Compte de Réserve pour
l’Amortissement des Obligations A2.
“A2 Bonds Redemption Reserve Securities Account”
credit of the A2 Bonds Redemption Reserve Account
has been invested pending allocation as Cash
Equivalent Investments.
« Compte Titres de Réserve d’Amortissement des
Obligations A2 » désigne le compte titres financiers
ouvert aux fins d’inscrire les titres financiers acquis au
moyen des disponibilités figurant au crédit du Compte
de Réserve pour l’Amortissement des Obligations A2
dans l’attente de leur utilisation et placés en
Investissements en Équivalents de Trésorerie.
“A2 Bonds Scheduled Redemption Amount” means,
in relation to each A2 Bond, the final redemption
amount of such A2 Bond on the A2 Bonds Maturity
« Montant de Remboursement Prévu des
Obligations A2 » désigne, s’agissant de chaque
Obligation A2, le montant final de remboursement de
ladite Obligation A2 à la Date d’Echéance des
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Date, which shall be equal to the greater of:
Obligations A2, qui devra être égal au plus élevé des
montants suivants :
(a)
the Principal Outstanding Amount of such
A2 Bond;
(a)
le Montant en Principal Restant Dû de ladite
Obligation A2 ;
(b)
the A2 Bonds Indexed Principal Outstanding
Amount of such A2 Bond;
(b)
le Montant en Principal Restant Dû Indexé de
ladite Obligation A2 ;
in each case, on such date.
à chaque fois, à ladite date.
“A2 Bonds Security Documents” means the following
documents:
« Documents de Sûretés Obligations A2 » désigne :
(a)
a charge over bank accounts pursuant to
article 2355 et seq. of the French Code Civil
granted by the Issuer on all sums standing to
the credit of the A2 Bonds Redemption
Reserve Account (the “Pledge over A2
Bonds Redemption Reserve Account”); and
(a)
un nantissement de compte bancaire
conformément aux articles 2355 et suivant du
Code civil consenti par l’Emetteur sur les
sommes figurant au crédit du Compte de
Réserve
pour
l’Amortissement
des
Obligations A2 (le « Nantissement du
Compte de Réserve pour l’Amortissement
des Obligations A ») ; et
(b)
a securities account pledge pursuant to article
L. 211-20 et seq. of the French Code
Monétaire et Financier) granted by the Issuer
over the A2 Bonds Redemption Reserve
Securities Account (the “Pledge over A2
Bonds Redemption Reserve Securities
Account”).
(b)
un
nantissement
de
compte
titres
conformément aux articles L.211-20 et
suivant du Code monétaire et financier
consenti par l’Emetteur sur le Compte Titres
de Réserve pour l’Amortissement des
Obligations A2 (le « Nantissement de
Compte Titres
de Réserve
pour
l’Amortissement des Obligations A2 »).
“Account Bank” Natixis or one of its affiliates, such
entity having a rating of at least BBB+ from S&P or
Fitch or Baa1 from Moody’s. If such entity ceases to
maintain such a rating, and the Intercreditor Agent
(acting on the instructions of the Instructing Creditors)
notifies the Issuer that it should seek a replacement
Account Bank which shall have a rating of at least
BBB+ from S&P or Fitch or Baa1 from Moody’s, the
Issuer shall use reasonable endeavours to replace the
Account Bank as soon as reasonably practicable and at
the cost of the Account Bank.
« Banque Teneur de Comptes » désigne Natixis, ou
l’une quelconque de ses affiliées, ladite entité ayant une
notation d'au moins BBB + par S&P, ou Fitch, ou Baa1
par Moody’s. Si ladite entité ne parvient pas à
conserver cette notation, et l’Agent Intercréanciers
(agissant sur instruction des Créanciers Décisionnels)
informe l'Émetteur qu'il devrait changer de Banque
Teneur de Comptes qui devra avoir une notation d'au
moins BBB + par S&P, ou Fitch, ou Baa1 par
Moody’s, l'Émetteur prendra les dispositions
raisonnables nécessaires pour trouver une autre Banque
Teneur de Comptes dans les meilleurs délais et au frais
de la Banque Teneur de Comptes.
“Account Bank Agreement” means the account bank
agreement entered into on or about the date hereof
between, among others, the Account Bank and the
Issuer.
« Convention de Comptes » désigne la convention de
comptes conclue en date de, ou aux alentours de la date
des présentes, entre, inter alios, la Banque Teneur de
Compte et l’Emetteur.
“Additional Debt” shall mean any debt which is
created or incurred as a result of or in connection with:
« Dette Supplémentaire » désigne, en ce qui concerne
une dette, toute dette née ou encourue à la suite de ou
liée à :
(a)
any deferral, extension, novation
refinancing of an existing debt;
or
(a)
tout report, prolongation, novation
refinancement de ladite dette ;
(b)
any claim in respect of damages, restitution
or other claim in connection with such debt;
(b)
toute
créance
de
dommages-intérêts,
restitution ou autre relative à ladite dette ;
(c)
any amount owed by the Issuer as a result of
the recovery by the Issuer or any other person
of a payment or the discharge of such debt on
the basis of a preferred payment or for any
other reason; or
(c)
toute créance à l’encontre de l’Emetteur à la
suite d’un recouvrement par l’Emetteur ou
toute autre personne d’un paiement ou d’un
acquittement relatif à ladite dette pour des
raisons de préférence ou autre ; ou
(d)
any amount (such as interest owed in the
context of any Insolvency Proceedings)
included with any of the foregoing in the
event of the non-release, inadmissibility,
(d)
tout montant (tel que les intérêts dus dans le
cadre d’une Procédure Collective) qui serait
inclus dans ce qui précède en l’absence de
mainlevée, non-recevabilité, inapplicabilité,
121
ou
inapplicability, unenforceability or invalidity
of such amount in any Insolvency
Proceedings.
inopposabilité ou invalidité dudit montant
dans toute Procédure Collective.
“Affiliate” means, in relation to an entity, a Subsidiary
or a Holding Company of that entity or any other
Subsidiary of that Holding Company.
« Affilié » signifie, s’agissant d’une entité, une Filiale
ou une Société-Mère de ladite entité ou toute autre
Filiale de ladite Société-Mère.
“Agent(s)” means the Intercreditor Agent and/or the
Security Agent.
« Agent(s) » désigne l’Agent Intercréanciers et l’Agent
des Sûretés.
“Amicable Proceedings” means a mandat ad hoc or a
conciliation opened pursuant to article L. 611-15 of the
French Code de commerce.
« Procédures Amiables » désigne une procédure de
mandat ad hoc ou de conciliations ouverte
conformément à l’article L.611-15 du Code de
Commerce.
“Ancillary
documents:
« Documents
suivants
Documents”
means
the
following
annexes »
désigne
les
documents
(a)
the Toll Sharing Collection Agreement (as
amended, renewed or substituted by any
agreement in replacement thereof);
(a)
le Contrat de Collecte de Partage de Péages
(tel que modifié, renouvelé ou remplacé par
tout autre contrat s'y substituant) ;
(b)
any other contract on arms’ length terms
allowing the Issuer to transfer to a third party
all or part of its remaining obligations under
the Concession Agreement provided that
such contract has been approved (i) by the
Technical Advisor (confirming that the
contract is in compliance with market
standards and that the total costs incurred by
the Issuer as a result of such contract are not
higher than ten per cent. (10%) above the
Base Case Financial Outputs or Issuer Cost
Forecast) or (ii) if the Technical Advisor has
not approved such contract for any reason
whatsoever, by an Ordinary Resolution of the
A Bondholders consulted at the initiative of
the Issuer; and
(b)
tout autre contrat conclu dans des conditions
normales permettant à l'Émetteur de
transférer à un tiers tout ou partie de ses
obligations restantes en vertu du Contrat de
Concession, à condition qu’une telle
convention ait été approuvée (i) par le
Conseiller Technique (confirmant que le
contrat est conforme aux pratiques de marché
et que le montant total des coûts encourus par
l’Émetteur au titre dudit contrat ne sont pas
supérieure à dix pour cent (10%) au-delà des
Extraits Financiers du Scénario de Base
Initial ou des Prévisions des Coûts de
l’Émetteur) ou (ii) si le Conseiller Technique
n'a pas approuvé une telle convention pour
quelque raison que ce soit, par une
Résolution Ordinaire des Obligataires A
consultés à l'initiative de l'Émetteur ; et
(c)
any other contract entered into by the Issuer
in its ordinary course of business, on arm’s
length terms and under which payment
obligations of the Issuer do not exceed EUR
3,000,000 (three million) per financial year
and which would not adversely affect the A
Bondholders’ interests.
(c)
tout autre contrat conclu par l'Émetteur dans
le cadre de l'activité, dans des conditions
normales et en vertu de laquelle les
obligations de paiement de l'Émetteur ne
dépassent pas 3.000.000 (trois millions)
d’euros par année fiscale et qui ne nuirait pas
aux intérêts des Obligataires A.
“Annual Base Case Update” has the meaning ascribed
Conditions of the A1 Bonds and of the Terms and
Conditions of the A2 Bonds (“Annual Base Case
Update”).
« Actualisation du Scénario de Base Annuel » a le
sens donné à ce terme dans la Condition 4.10 des
Termes et Conditions des Obligations A1 et dans la
Obligations A2 (« Actualisation du Scénario de Base
Annuel »).
“Anti-Money Laundering Laws” means any
applicable financial record-keeping and reporting
requirements and all money laundering statutes, rules
and regulations in France and any related or similar
rules, regulations or guidelines, issued, administered or
enforced by any governmental agency having
jurisdiction over the Issuer, its assets and its operations.
« Lois contre le Blanchiment d'Argent » désigne
toute règle en vigueur, de maintien de comptes et de
publication ainsi que toutes lois ou règles, et tous
règlements de lutte contre le blanchiment d’argent en
vigueur en France ainsi que toutes règles, tous
règlements, et toutes lignes directrices qui leur seraient
liés, émanant, appliqués, ou exécutés par toute autorité
gouvernementale ayant autorité sur l’Émetteur, ses
actifs ainsi que ses activités.
“Applicable Make-Whole Spread” means (i) for the
purpose of any redemption contemplated by paragraph
in Condition 9.2 of the Terms and Conditions of the A1
Bonds or the Terms and Conditions of the A2 Bonds,
« Marge de Make-Whole Applicable » désigne
(i) aux fins de tout remboursement prévu à la Condition
9.2 des Termes et Conditions des Obligations A1 ou
des Termes et Conditions des Obligations A2
122
as the case may be (“Voluntary Redemtion at the
Option of the Issuer”) above, 0.5% and (ii) for the
purpose of any redemption contemplated by paragraph
in Condition 9.4 of the Terms and Conditions of the A1
as the case may be (“Mandatory redemption following
an early termination of the Concession Agreement (i)
justified by public interest reasons (motif d’intérêt
général) or (ii) the Grantor buying back the
concession”), 9.5 of the Terms and Conditions of the
A1 Bonds or the Terms and Conditions of the A2
Bonds, as the case may be (“Mandatory Redemption as
a result of an Equity Cure”) and 9.6 of the Terms and
Conditions of the A1 Bonds or the Terms and
Conditions of the A2 Bonds, as the case may be
(“Mandatory redemption following receipt of insurance
proceeds”), 0.875%, being 50% of the Credit Spread.
(« Remboursement volontaire au choix de l'Émetteur »)
ci-dessus, 0,5 % et (ii) aux fins de tout rachat prévu à la
Obligations A1 ou des Termes et Conditions des
Obligations A2 (« Remboursement obligatoire suite à
une résiliation anticipé du Contrat de Concession en
raison (i) d'un motif d’intérêt général ou (ii) du rachat
de la concession par le Concédant »), 9.5 des Termes
et Conditions des Obligations A1 ou des Termes et
Conditions des Obligations A2 (« Remboursement
obligatoire en conséquence d'une Injection de Fonds
Propres ») et 9.6 des Termes et Conditions des
Obligations A1 ou des Termes et Conditions des
Obligations A2 (« Remboursement obligatoire suite à
la réception d'indemnités d'assurance »), 0,875 %,
représentant 50 % de l'Écart de Crédit.
“Base Case Financial Outputs” means the outputs of
the initial and then the Updated Base Case Financial
Outputs, ie.: the CPI assumptions, revenues, operating
& maintenance costs, lifecycle costs, taxes, CFADS,
Debt Service, ADSCR, BLCR, Debt Service Reserve
Account balance and Major Maintenance Reserve
Account balance until the end of the concession.
« Extraits Financiers du Scénario de Base » désigne
les résultats des extraits initiaux puis de l'Actualisation
des Extraits Financiers du Scénario de Base, à savoir :
les hypothèses de l'IPC, le chiffre d'affaires, les coûts
opérationnels et de maintenance, les coûts du cycle de
vie, les taxes, le CFADS, le Service de la Dette,
l'ADSCR, le BLCR, le solde du Compte de Réserve du
Service de la Dette et le solde du Compte de Réserve
de Gros Entretien jusqu'à la fin de la concession.
“BLCR or Bond Life Cover Ratio” means, in relation
to the A Bonds, on any Bonds Payment Date, the ratio
of:
« BLCR ou Ratio de couverture sur la durée de vie
des Obligations » désigne, relativement aux
Obligations A, à toute Date de Paiement des
Obligations, le rapport de :
(a)
the sum of (i) the present value of projected
Net
Operating
Cashflow
(excluding
inflows/outflows to/from the A Bonds Debt
Service Reserve Account and Major
Maintenance Reserve Account) for the period
commencing on that Bonds Payment Date
until the A1 Bonds Maturity Date and (ii) all
the amounts standing to the credit of any
Issuer Cash Account (but excluding the
Distribution Shareholder Account, the
Subordinated Payments Account, the
aggregate A2 Bonds Redemption Reserve
Amounts credited to the A2 Bonds
Redemption Reserve Account and the
Grantor Penalty Account); and
(a)
la somme de (i) la valeur actuelle des Flux de
Trésorerie Liés à l'Exploitation (hors
entrées/sorties du Compte de Réserve du
Service de la Dette des Obligations A et du
Compte de Réserve de Gros Entretien)
pendant la période commençant à cette Date
de Paiement des Obligations jusqu'à la Date
d'Échéance des Obligations A1 et (ii) tous les
montants au crédit des Comptes Espèces de
l'Émetteur (mais à l'exclusion du Compte de
Distribution Actionnaire, du Compte de
Paiements Subordonnés, de l’ensemble des
Montants de la Réserve pour l'Amortissement
des Obligations A2 crédités sur le Compte de
Réserve
pour
l'Amortissement
des
Obligations A2 et le Compte de Pénalités du
Concédant); et
(b)
the sum of (i) the Principal Outstanding
Amounts of the A1 Bonds, (ii) the A2 Bonds
Indexed Principal Outstanding Amount and
(iii) the principal outstanding amount of any
new pari passu Permitted Financial
Indebtedness incurred by the Issuer minus the
aggregate A2 Bonds Redemption Reserve
Amounts credited to the A2 Bonds
Redemption Reserve Account.
(b)
la somme des (i) Montants en Principal
Restant Dus des Obligations A1, (ii) le
Montant en Principal Restant Dû Indexé des
Obligations A2, et (iii) le montant en
principal restant dû de tout nouveau
Endettement Financier Autorisé pari passu
encouru par l’Émetteur moins l’ensemble des
Montants de la Réserve pour l'Amortissement
des Obligations A2 crédité au Compte de
Réserve
pour
l'Amortissement
des
Obligations A2.
123
The discount rate used for each Bonds Payment Date
will be the weighted average of (a) the interest rate on
the A1 Bonds, (b) the interest rate on the A2 Bonds
grossed up by the inflation assumptions of the last
Updated Base Case Financial Outputs and (c) the
interest rate on any new pari passu Permitted Financial
Indebtedness incurred by the Issuer.
Le taux de décote utilisé pour chaque Date de Paiement
des Obligations sera le la moyenne pondérée du (a)
taux d’intérêt sur les Obligations A1, (b) taux d’intérêt
sur les Obligations A2 majoré du taux d’inflation
présumé de l’Actualisation des Extraits Financiers du
Scénario de Base et du (c) taux d’intérêt de tout
nouveau Endettement Financier Autorisé pari passu
encouru par l’Émetteur.
“Bonds Payment Date” means 31 January and 31 July
in each year commencing on 31 January 2017.
« Date de Paiement des Obligations » désigne le 31
janvier et le 31 juillet de chaque année, commençant le
31 janvier 2017.
“Bondholders’ Representatives” means the A1
Bondholders’ Representative and/or the A2
Bondholders’ Representative, as the case may be.
« Représentants des Masses des Obligataires »
désigne le Représentant de la Masse des Obligataires
A1 et/ou le Représentant des Masse des Obligataires
A2, selon le cas.
“Business Day” means a day (other than a Saturday or
Sunday) which is a TARGET Day and on which
commercial banks and foreign exchange markets are
open for business in the place of the specified office of
the Paying Agent and in London.
« Jour Ouvré » désigne un jour (autre qu'un samedi ou
un dimanche) qui est un jour TARGET et pendant
lequel les banques commerciales et les places
financières étrangères sont ouvertes sur le lieu du
bureau spécifié de l'Agent Payeur et à Londres.
“Calculation Agent” means the agent designated as
such in the Fiscal Agency Agreement.
« Agent de Calcul » désigne l’agent désigné en tant
que tel dans le Contrat de Service Financier.
“Capex” means any expenditure or obligation in
respect of expenditure consisting of a newly purchased
capital asset or an investment that improves the useful
life of an existing capital asset, including any
maintenance expenditure.
« Capex » désigne toute dépense ou engagement
concernant une dépense consistant en l'achat d'un
nouvel actif ou un investissement qui augmente la
durée de vie d’un actif existant, en ce compris toute
dépense de maintenance.
“Cash Equivalent Investment” means at any time:
« Investissements en Equivalents de Trésorerie »
désigne :
(a)
(a)
(b)
any investment in marketable debt
obligations issued or guaranteed by the
government of:
tout investissement en titres de créance
négociables émis ou garantis par le
gouvernement :
(i)
the United States of America; or
(i)
des États-Unis d'Amérique ; ou
(ii)
the United Kingdom; or
(ii)
du Royaume-Uni ; ou
(iii)
provided that it has a credit rating
of not less than BBB+ from S&P or
Fitch or Baa1 from Moody’s, any
member state of the European
Economic Area or any participating
member
state,
or
by
an
instrumentality or agency or any of
them having an equivalent credit
rating, maturing within one (1) year
after the relevant date of
calculation and not convertible or
exchangeable to any other security;
(iii)
à condition d'avoir une notation de
crédit ne pouvant être inférieure à
BBB+ (ou équivalent) par S&P ou
Fitch ou Baa1 par Moody’s, tout
État
membre
de
l'Espace
Economique Européen ou tout État
membre participant, ou par un
service gouvernemental ou une
agence ayant une note de crédit
équivalente, arrivant à échéance
dans l'année suivant la date de
calcul concernée et n'étant pas
convertible ou échangeable en
d'autres valeurs mobilières ;
commercial paper not convertible
exchangeable for any other security:
or
(b)
un billet de trésorerie non convertible ou
échangeable contre toute autre valeur
mobilière :
(i)
for which a recognised trading
market exists;
(i)
pour lequel un marché reconnu
existe ;
(ii)
issued by an issuer incorporated in:
(ii)
émis par un émetteur incorporé :
(A)
the United
America;
States
of
(A)
124
aux
États-Unis
d'Amérique, ou
(c)
(d)
(B)
the United Kingdom; or
(B)
au Royaume-Uni, ou
(C)
any member state of the
European Economic Area
or
any participating
member state,
(C)
dans tout État membre de
l'Espace
Economique
Européen ou tout Etat
membre participant ;
(iii)
which matures within six months
after the relevant date of
calculation; and
(iii)
qui arrive à échéance dans les six
mois suivant la date de calcul
concernée ; et
(iv)
which has a credit rating of at least
A- from S&P or Fitch or at least
A3 from Moody’s or, if no rating is
available in respect of the
commercial paper, the issuer of
which has, in respect of its longterm unsecured and non-credit
enhanced debt obligations, an
equivalent rating; or
(iv)
qui a une note de crédit d'au moins
A- par S&P ou Fitch ou d'au moins
A3 par Moody’s ou, si aucune
notation n'est disponible au titre du
billet de trésorerie, la notation de
crédit équivalente que son émetteur
a au titre de ses sa dette long terme
non garanties et non rehaussées ;
any investment in money market funds or
other OPCVM, SICAV which:
(c)
un investissement en fonds de marché
monétaire ou autres OPCVM, SICAV qui :
1.
has a credit rating of at least Afrom S&P or Fitch or at least A3
from Moody’s,
1.
a une note de crédit d'au moins Ade S&P ou Fitch ou d'au moins A3
de Moody’s,
2.
which invest substantially all of
their assets in securities of the
types described in paragraphs (a)
and (b) above or in cash and/or
money market funds satisfying the
criteria (b)(ii) to (b)(iv) above; and
2.
investit l’essentiel de ses actifs en
valeurs mobilières du type de ceux
décrits aux paragraphes (a) et (b)
ci-dessus ou en liquidités et/ou en
fonds de marché monétaire
satisfaisant les critères b(ii) à b(iv)
ci-dessus ; et
3.
can be turned into cash on not
more than 30 days’ notice; or
3.
peut être transformé en liquidités
moyennant un préavis de maximum
30 jours ; ou
any other debt securities selected by the
Issuer and agreed by the A Bondholders
through an Ordinary Resolution,
(d)
tout autre titre de créance choisi par
l'Émetteur et approuvé par le Représentant
des Obligataires A ou par les obligataires par
le biais d'une Résolution Ordinaire,
in each case, (i) denominated in euros and to which the
Issuer is beneficially entitled at that time and which is
not issued or guaranteed by any Shareholder of the
Issuer or any affiliate of that Shareholder or subject to
any security (other than Security arising under the
Transaction Security Documents) and (ii) being granted
upon its acquisition as security under the Transaction
Security Documents.
dans chaque cas, (i) libellé en euros et dont l'Émetteur
est le bénéficiaire effectif à ce moment et qui n'est pas
émis ou garanti par un Actionnaire de l'Émetteur ou un
affilié de cet Actionnaire ou qui fait l’objet d’une sûreté
(autre qu'une Sûreté au titre des Documents de Sûretés
de l’Opération) et (ii) est consenti en sûretés dès son
acquisition au titre des Documents de Sûretés de
l’Opération.
“Category 1 Entrenched Right” means those
Entrenched Rights defined as such under the definition
of “Entrenched Rights”.
« Droit de Veto de Catégorie 1 » désigne les droits
définis comme tels sous la définition des « Droits de
Veto ».
“Category 2 Entrenched Right” means those
Entrenched Rights defined as such under the definition
of “Entrenched Rights”.
« Droit de Veto de Catégorie 2 » désigne les droits
définis comme tels sous la définition des « Droits de
Veto ».
“Challenge Period” means the period during which an
Annual Base Case Challenge or a Compliance
Certificate Challenge is still pending and not resolved.
« Période de Contestation » désigne la période
pendant laquelle une Contestation du Scénario de Base
Annuel ou une Contestation du Certificat de
Conformité est toujours en cours et non résolue.
“Combined Entrenched Right” means a resolution
relating to an Entrenched Right voted by the A1 and
the A2 Bondholders together, subject to and in
accordance with the terms of the Intercreditor
« Droit de Veto Combiné » désigne une résolution
relative à un Droit de Veto voté par les Obligataires A1
et les Obligataires A2 ensemble, sous réserve de et
conformément
aux
conditions
de
l’Accord
125
Agreement.
Intercréanciers.
“Combined Extraordinary Resolution” means an
Extraordinary Resolution voted by the A1 and the A2
Bondholders together, subject to and in accordance
with the terms of the Intercreditor Agreement.
« Résolution Extraordinaire Combinée » désigne une
Résolution Extraordinaire votée conjointement par les
Obligataires A1 et les Obligataires A2, sous réserve de
et conformément aux conditions de l’Accord
Intercréanciers.
“Combined Ordinary Resolution” means an Ordinary
Resolution voted by the A1 and the A2 Bondholders
together, subject to and in accordance with the terms of
the Intercreditor Agreement.
« Résolution Ordinaire Combinée » désigne une
Résolution Ordinaire votée par les Obligataires A1 et
les Obligataires A2 ensemble, sous réserve de et
conformément
aux
conditions
de
l’Accord
Intercréanciers.
“Concession Agreement” means the concession
agreement entered into between the Issuer and the
Grantor which has been approved by a decree date 29
November 2001, as amended from time to time.
« Contrat de Concession » désigne le contrat de
concession conclu entre l'Émetteur et le Concédant qui
a été autorisé par un décret en date du 29 novembre
2001, tel que modifié de manière périodique.
“Contractor” means G.I.E. Constructeurs A 28, a
French groupement d’intérêt économique having its
registered office at 18, rue Henri-Rivière, 76000
Rouen, registered with the Registry of Commerce and
Companies in Rouen under number 439 335 944.
« Constructeur » désigne le G.I.E. Constructeurs A
28, un groupement d’intérêt économique ayant son
siège social 18, rue Henri-Rivière, 76000 Rouen,
immatriculée au registre du commerce et des sociétés
de Rouen sous le numéro 439 335 944.
“Cost Forecast Update Event” means any of the
following events:
« Cas d'Actualisation de Prévision des Coûts »
désigne l'un des événements suivants :
(a)
every five years from the date that the most
recent Issuer Cost Forecast was issued;
(a)
tous les cinq ans à compter de la date à
laquelle la Prévision des Coûts de l'Émetteur
la plus récente a été publiée ;
(b)
if actual costs realized in a given calendar
year are 15% (in nominal terms) higher than
projected in the most recent Updated Base
Case Financial Outputs; and
(b)
si les coûts réels générés au cours d'une
année civile donnée sont supérieurs de 15 %
(en valeur nominale) aux coûts prévus dans
Scénario de Base la plus récente ; et
(c)
at any time if deemed necessary by the Issuer
(but not more than once a year).
(c)
à tout moment si l'Émetteur le juge
nécessaire (mais ne pouvant dépasser une
fois par an).
“CPI” means the consumer price index (excluding
tobacco) for all households in France or the relevant
substitute index, as calculated and published monthly
by the Institut National de la Statistique et des Études
Économiques.
« IPC » désigne l'indice des prix à la consommation
(hors tabac) pour tous les ménages en France ou un
indice de substitution approprié, calculé et publié
mensuellement par l'Institut National de la Statistique
et des Études Économiques.
“Credit Spread” means the credit spread of the
A1 Bonds, ie. a percentage of 1.75 per cent.
« Écart de crédit » désigne l'Écart de crédit des
Obligations A1, c'est-à-dire un pourcentage de 1,75 %.
“Debts” means the Senior Debt and the Junior Debt.
« Dettes » désigne les Dettes Senior et les Dettes
Junior.
“Default” means (i) an Event of Default and/or (ii) a
Potential Event of Default.
« Défaut » désigne (i) un Cas d’Exigibilité Anticipée
et/ou (ii) un Cas d’Exigibilité Anticipé Potentiel.
“Distribution” means:
« Distribution » désigne :
(a)
the declaration or payment of dividends;
(a)
la déclaration ou le paiement de dividendes ;
(b)
the distribution of premium or reserves by the
Issuer;
(b)
la distribution de primes ou de réserves par
l'Émetteur ;
(c)
the redemption, repayment, repurchase of
capital of the Issuer;
(c)
le rachat, le remboursement du capital de
l'Émetteur ;
(d)
the issue by the Issuer of any share which are
redeemable;
(d)
l'émission par l'Émetteur de toute action
remboursable ;
(e)
the issue by the Issuer of any share to any
(e)
l'émission par l'Émetteur de toute action
126
person freely (actions gratuites);
gratuite ;
(f)
the payment of any interest, fees, expenses or
principal in respect of the Shareholders
Loans or any other loan granted to the Issuer
by the Shareholders or their affiliates; and
(f)
le paiement de tout intérêt, frais ou principal
au titre des Prêts d' Actionnaires ou tout autre
prêt octroyé à l'Émetteur par les Actionnaires
ou leurs affiliés ; et
(g)
the payment of any management, advisory or
other fee to the Shareholders or any of their
affiliates or the making of any other payment
to any of the Shareholders or any of their
affiliates other than a Permitted Payment.
(g)
le paiement de tout frais de gestion, de
conseil ou autre aux Actionnaires ou l'une de
leurs affiliés ou effectuer tout autre paiement
à l'un des Actionnaires ou l'une de ses affiliés
autre qu'un Paiement Autorisé.
“Distribution Shareholder Account” means the bank
account opened for the purpose of covering all
payments to the Shareholders. The Issuer shall receive
payments from the Subordinated Payments Account
and make payments or transfers in accordance with the
Subordinated Distribution Conditions.
« Compte de Distribution Actionnaire » désigne le
compte bancaire ouvert aux fins de couvrir tous les
paiements aux Actionnaires. L'Émetteur recevra des
paiements du Compte de Paiements Subordonnés et
effectuera des paiements ou des virements
conformément aux Conditions des Distributions
Subordonnées.
“Distribution Shareholder Securities Account”
credit of the Distribution Shareholder Account has been
invested pending allocation.
« Compte Titres de Distribution Actionnaire »
désigne le compte-titres ouvert aux fins d’inscrire les
titres acquis au moyen des sommes figurant au crédit
du Compte de Distribution Actionnaire dans l’attente
de leur utilisation.
“Early Redemption Date” means the date on which an
early redemption of Bonds occurs as a result of the
occurrence of an early redemption event.
« Date de Remboursement Anticipé » désigne la date
à laquelle un remboursement anticipé des Obligations a
lieu suite à la survenance d'un cas de remboursement
anticipé.
“Enforcement Instruction Notice” shall mean a
notification delivered by the relevant Bondholders’
Representative to the Issuer in writing at any time after
an Event of Default has occurred and is continuing:
« Notification d’Instruction de Réalisation » désigne
une notification écrite adressée par le Représentant de
la Masse des Obligataires concerné à l’Emetteur, à tout
moment après la survenance d’un Cas d’Exigibilité
Anticipée qui est en cours :
2.
that the relevant Bonds are, and they shall
accordingly forthwith become, immediately
due and repayable in part, or in whole at
their Principal Outstanding Amount,
together with interest accrued to, but
excluding, the date of repayment; and/or
3.
que les Obligations concernées sont, et
qu’elles doivent devenir, immédiatement
exigibles et remboursables, en partie, ou en
totalité à hauteur de leur Montant en
Principal Restant Dû, avec les intérêts
courus, jusqu'à la date de remboursement
(exclue) ; et/ou
4.
institute such proceedings or initiate any
step against the Issuer as it may think fit to
enforce the terms of the Security Documents
granted to the benefit of the Masse of
Bondholders represented by such relevant
Bondholders’ Representative or the Finance
Documents;
5.
lui permettant d'engager des poursuites ou
d'initier toute action contre l’Émetteur qu'il
juge appropriée afin de réaliser les
Documents de Sûretés consentis au bénéfice
de la Masse des Obligataires représenté par
le Représentant de la Masse des
Obligataires concerné ou de faire appliquer
les termes des Documents de Financement ;
such notification being delivered in accordance with
the relevant Terms and Conditions, and subject to the
terms of the Intercreditor Agreement.
une telle notification étant émise conformément aux
termes des Termes et Conditions concernés et, sous
réserve de l’Accord Intercréanciers.
“Entrenched Rights” subject to the rights conferred to
the holders of A Bonds under the Intercreditor
Agreement, any waiver or amendment to the terms and
conditions of the Bonds or the Transaction Documents
which:
« Droit de Veto » sous réserve des droits conférés aux
Obligataires A au titre de l’Accord Intercréanciers,
toute renonciation ou tout avenant aux Termes et
Conditions des Obligations ou aux Documents de
l’Opération qui :
(a)
reduces or cancels the Principal Outstanding
Amount of the A Bonds;
(a)
réduit ou annule le Montant en Principal
Restant Dû des Obligations A ;
(b)
amends of any date for payment of interest or
principal on the A Bonds;
(b)
modifie toute date de paiement des intérêts
ou du principal des Obligations A ;
127
(c)
(except where such alteration will, in the
opinion
of
the
A
Bondholders’
Representative, result in an increase or
anticipation) alters the method of calculating
the amount of any payment in respect of the
A Bonds on redemption, maturity or alters
the method of calculating the date for any
such payment;
(c)
(sauf lorsque cette modification résulte, selon
le Représentant des Masse des Obligataires
A, en une augmentation ou une anticipation)
modifie la méthode de calcul du montant de
tout paiement au titre des Obligations A lors
du remboursement, à maturité ou modifie la
méthode de calcul de la date d'un tel
paiement ;
(d)
modifies the provisions concerning the
quorum required at any meeting of the A
Bondholders or the majority required to pass
an Extraordinary Resolution or an Ordinary
Resolution or to declare an Event of Default;
(d)
modifie les dispositions concernant le
quorum requis lors d'une assemblée des
Obligataires A ou la majorité requise pour
adopter une Résolution Ordinaire ou une
Résolution Extraordinaire ou pour déclarer
un Cas d’Exigibilité Anticipée ;
(e)
modifies provisions of the Intercreditor
Agreement (other than any modification
considered as a Category 2 Entrenched
Right);
(e)
modifie les dispositions de l’Accord
Intercréanciers (à l’exclusion de toute
modification considérée comme un Droit de
Veto de Catégorie 2) ;
(f)
modifies the early redemption events or the
definitions of A Bonds Redemption Amount,
Reference Rate and Applicable Make-Whole
Spread;
(f)
modifie les cas de remboursement anticipé ou
les
définitions
du
Montant
de
Remboursement des Obligations A, Taux de
Référence et Marge de Make-Whole
applicable ;
(g)
modifies the nature of or scope of any
Security Interest or releases any Security
Interest (unless equivalent security interests
is taken at the same time or contemplated in
the Transaction Documents);
(g)
modifie la nature ou la portée d'une Sûreté ou
donne mainlevée de toute Sûreté (sauf si une
Sûreté équivalente est prise en même temps
ou cet événement est prévu dans les
Documents de l’Opération) ;
(h)
changes of the order of priority set out in the
Operating Account Waterfall;
(h)
change l'ordre de priorité fixé dans l’Ordre
des Paiements Compte Opérationnel ;
(i)
modifies the taxation provisions of the A
Bonds, including gross-up and associated
early redemption;
(i)
modifie les clauses fiscales relatives aux
Obligations A, y compris les obligations de
paiement
d'une
majoration
et
les
remboursements anticipés concernés ;
(j)
amends the governing law of the A Bonds or
the jurisdiction which is competent for any
dispute arising out of or in connection with
the A Bonds;
(j)
modifie la loi applicable aux Obligations A
ou l’attribution de juridiction pour tout litige
en lien avec les Obligations A ;
The Entrenched Rights referred to in paragraph (a) to
(j) above being defined as “Category 1 Entrenched
Rights”;
les Droits de Veto cités aux paragraphes (a) à (j) cidessus étant définis comme « Droits de Veto de
Catégorie 1 »
(k)
amends the date of maturity of the A Bonds;
(k)
modifie la Date d’Échéance des Obligations
A;
(l)
varies the currency of payment
denomination of the A Bonds;
(l)
modifie la devise de paiement ou la valeur
nominale des Obligations A ;
(m)
modifies any provisions of the Intercreditor
Agreement in a way that will subordinate the
A Bonds to other senior debt incurred by the
Issuer;
(m)
modifie les stipulations de l’Accord
Intercréanciers de manière à ce que les
Obligations A soient subordonnées à d’autres
dettes senior encourues par l’Émetteur ;
(n)
exchanges the A Bonds for shares or other
obligations (other than senior secured debt
securities in the latter case); or
(n)
échange les Obligations A contre des actions
ou autres obligations (autre que des titres de
créances senior garantis, dans le dernier cas) ;
(o)
varies the method or basis of calculating the
rate in respect of the A1 Bonds or the A2
Bonds, as the case may be, in order to
implement floating rate or consumer price
index linked interest;
(o)
varie la méthode ou la base de calcul du taux
relatif aux Obligations A1 afin de prévoir un
taux variable ou un taux indexé à l’indice du
prix à la consommation ;
or
128
(p)
reduces the rate of interest in respect of the A
Bonds;
(p)
réduit le taux d’intérêt relatif aux Obligations
A ; ou
(q)
modifies the definition of Entrenched Rights,
Ordinary Resolution or Extraordinary
Resolution,
(q)
modifie la définition des Droits de Veto,
Résolution
Ordinaire
ou
Résolution
Extraordinaire,
The Entrenched Rights referred to in (k) to (q) above
being defined as “Category 2 Entrenched Rights”.
Les Droits de Veto cités aux paragraphes (k) à (q) cidessus étant définis comme des « Droits de Veto de
Catégorie 2 ».
“Environmental Law” means any applicable law or
regulation which relates to:
« Lois Environnementales » désigne toute loi ou
réglementation applicable en matière de :
(a)
the pollution
Environment;
the
(a)
pollution
ou
l'Environnement ;
(b)
the generation, handling, storage, use, release
or spillage of any substance which, alone or
in combination with any other, is capable of
causing harm to the Environment, including,
without limitation, any waste; or
(b)
création, manutention, stockage, utilisation,
libération ou déversement de toute substance
qui, seule ou associée à d'autres, est capable
de causer des dommages à l'Environnement,
notamment, sans s'y limiter, tout déchet ; ou
(c)
public health, safety and security.
(c)
santé et sécurité publiques.
or
protection
of
de
protection
de
“Equity Cure Account” means the bank account
opened in the name of the Issuer for the purpose of
crediting the Equity Cure Amount.
« Compte Equity Cure » désigne le compte bancaire
ouvert au nom de l’Emetteur pour les besoins de
créditer le Montant de l’Equity Cure.
“Event of Default” has the meaning given to such term
in Condition 11 of the Terms and Conditions of the A1
as the case may be.
« Cas d’Exigibilité Anticipée » a le sens donné à ce
terme à la Condition 11 des Termes et Conditions des
Obligations A1 ou les Termes et Condition des
Obligations A2, selon le cas.
“Expert Report” means the report remitted by relevant
Independent Expert which was instructed by the Issuer
(or, as the case may be, by the A Bondholders)
following, as the case may be, a Revenue Forecast
Update Event, a Cost Forecast Update Event, an
Annual Base Case Challenge, and/or a Compliance
Certificate Challenge.
« Rapport d’Expert » désigne le rapport remis par
l'Expert Indépendant concerné qui a reçu ses
instructions de l'Émetteur (ou, suivant le cas, par les
Obligataires A) suite, suivant le cas, à un Événement
donnant lieu à une Actualisation du Chiffre d’Affaires
Prévisionnel, un Cas d'actualisation de Prévision des
Coûts, une Contestation du Scénario de Base Annuel
et/ou une Contestation du Certificat de Conformité.
“Extraordinary Resolution” means, subject to the
rights conferred to the holders of A Bonds under the
Intercreditor Agreement, any of the followings matters:
« Résolution Extraordinaire » désigne, sous réserve
des droits conférés aux Obligataires A en vertu de
l’Accord Intercréanciers, l'un des sujets suivants
(a)
the waiver of any Event of Default;
(a)
la renonciation à un Cas d’Exigibilité
Anticipée ;
(b)
any waiver or amendment to the terms and
conditions of the Bonds or the Transaction
Documents;
(b)
une renonciation ou un amendement aux
Termes et Conditions des Obligations ou des
Documents de l’Opération ;
(c)
to modify the definition of Permitted
Disposals, Permitted Financial Indebtedness,
Permitted Investments or Permitted Security
Interest; and
(c)
afin de modifier la définition des Cessions
Autorisées, de l'Endettement Financier
Autorisé, des Investissements Autorisés ou
des Sûretés Autorisées ; et
(d)
to modify the levels of, or process to
determine, the financial ratios.
(d)
afin de modifier les niveaux ou le processus
de détermination des ratios financiers.
“Final Maturity Date” means 31 July 2046 as regards
A1 Bonds and 31 July 2032 as regards A2 Bonds.
« Date d’Echéance Finale » désigne le 31 juillet 2046
concernant les Obligations A1 et le 31 juillet 2032
concernant les Obligations A2.
“Finance Documents” means:
« Documents de Financement » désigne :
(a)
the Information Memorandum;
(a)
le Memorandum Information;
(b)
the A Bonds Subscription Agreement;
(b)
le Contrat de Souscription des Obligations A;
129
(c)
the Fiscal Agency Agreement;
(c)
le Contrat de Service Financier ; et
(d)
the O&M Direct Agreement;
(d)
l’Accord Direct O&M;
(e)
the Transaction Security Documents;
(e)
les Documents de Sûretés de l’Opération;
(f)
the Master Definitions Agreement;
(f)
le Contrat-Cadre de Définitions;
(g)
the Intercreditor Agreement;
(g)
l’Accord Intercréanciers;
(h)
the Account Bank Agreement; and
(h)
la Convention de Comptes; et
(i)
the mandate letters with the Arrangers.
(i)
Les lettres de mandat avec les Arrangeurs.
“Finance Parties” means the Senior Creditors.
« Parties Financières » désigne les Créanciers Senior.
“Financial Model” means the economic and financial
projections for the Project, including the financial
model and the associated assumption register
established by the Issuer as at the Issue Date and
updated in accordance with the Terms and Conditions
of the A1 Bonds and the Terms and Conditions of the
A2 Bonds, respectively.
« Modèle Financier » désigne les prévisions
économiques et financières pour le Projet, notamment
le modèle financier et le registre des hypothèses
associées, établis par l'Émetteur à la Date d’Émission et
actualisés conformément, respectivement, aux Termes
et Conditions des Obligations A1 et les Termes et
Conditions des Obligations A2.
“Financial Indebtedness” means any indebtedness for
or in respect of:
« Endettement Financier » désigne tout Endettement
pour ou au titre :
(a)
moneys borrowed;
(a)
des sommes empruntées ;
(b)
any amount raised by acceptance under any
acceptance credit facility or dematerialised
equivalent;
(b)
de tout montant issu d'un crédit, quel que soit
la facilité de crédit ou équivalent
dématérialisé ;
(c)
any amount raised pursuant to any note
purchase facility or the issue of bonds, notes,
debentures, loan stock or any similar
instrument;
(c)
de tout montant issu d'un programme d'achat
d'obligations ou l'émission d'obligations,
d'obligations non garanties, débentures, de
titres d'emprunt ou instruments similaires ;
(d)
the amount of any liability in respect of any
lease or hire purchase contract which would,
in accordance with French GAAP, be treated
as a finance or capital lease;
(d)
du montant de tout passif au titre d'un contrat
de paiement échelonné qui, conformément
aux normes GAAP françaises, serait traité
comme location financière ou crédit-bail ;
(e)
receivables sold or discounted (other than
any receivables to the extent they are sold on
a non-recourse basis);
(e)
des créances cédées ou actualisées (autres
que des créances dans la mesure où elles sont
vendues sur une base sans recours) ;
(f)
any amount raised under any other
transaction (including any forward sale or
purchase agreement) of a type not referred to
in any other paragraph of this definition
having the commercial effect of a borrowing;
(f)
d’un montant levé dans le cadre d'une autre
opération (comprenant toute convention
d'achat ou de vente à terme) d'un type non
référencé dans un autre paragraphe de cette
définition ayant l'effet commercial d'un
emprunt ;
(g)
any derivative transaction entered into in
connection with protection against or benefit
from fluctuation in any rate or price (and,
when calculating the value of any derivative
transaction, only the marked to market value
(or, if any actual amount is due as a result of
the termination or close-out of that derivative
transaction, that amount) shall be taken into
account);
(g)
de toute opération de dérivés conclue
relativement à une protection contre ou un
bénéfice tiré d'une fluctuation de taux ou de
prix (et, lors du calcul de la valeur d'une
opération de dérivés, seule la valeur de
marché (ou, si un montant réel est dû en
conséquence de la résiliation ou de la clôture
de cette opération de dérivés, ce montant)
sera prise en compte) ;
(h)
any counter-indemnity obligation in respect
of a guarantee, indemnity, bond, standby or
documentary letter of credit or any other
instrument issued by a bank or financial
institution; and
(h)
de toute obligation de contre-garantie au titre
d'une garantie, indemnité, obligation, lettre
de crédit stand-by ou documentaire ou tout
autre instrument émis par une banque ou une
institution financière ; et
(i)
the amount of any liability in respect of any
guarantee or indemnity for any of the items
(i)
garantie ou d'une indemnité pour l'un des
éléments auxquels il est fait référence dans
130
referred to in paragraphs (a) to (h) above.
les paragraphes a) à h) ci-dessus.
“Fiscal Agency Agreement” means the fiscal agency
agreement with respect to the A Bonds entered into on
or about the date hereof between the Issuer and the
Paying Agent and the Calculation Agent.
« Contrat de Service Financier » désigne le contrat de
service financier signé à la date de, ou aux environs de
la date des présentes, entre l’Emetteur et l’Agent
Payeur et l’Agent de Calcul.
“Fiscal Agent” means the agent designated as such in
the Fiscal Agency Agreement.
« Agent Financier » désigne l’agent désigné en tant
que tel dans le Contrat de Service Financier.
“Force Majeure Event” means any event which is
outside the control of the parties to any contract and
which qualifies as a “cas de force majeure” under the
case law of the Conseil d’Etat in France.
« Cas de Force Majeure » désigne un événement
indépendant de la volonté des parties à un contrat et qui
se qualifie de « cas de force majeure » en vertu de la
jurisprudence du Conseil d’État en France.
“Forward ADSCR” means on any Bonds Payment
Date, the ratio of (i) the Net Operating Cashflow to (ii)
the Senior Debt Service Requirement, in each case for
the next twelve months period commencing on such
Bonds Payment Date.
« ADSCR Futur » désigne à une Date de Paiement des
Obligations, le ratio (i) des Flux de Trésorerie Liés à
l'Exploitation sur (ii) le Service de la Dette Senior
Requis, dans chaque cas pour la prochaine période de
douze (12) mois commençant à ladite Date de Paiement
des Obligations.
“Grantor” means the French State, acting through the
French Ministry of infrastructure, transportation and
housing or any successor Ministry or other entity acting
as grantor under the Concession Agreement.
« Concédant » désigne l'État français, agissant par le
biais du ministère français des infrastructures, des
transports et du logement ou un ministère lui succédant
ou une autre entité agissant en qualité de concédant en
vertu du Contrat de Concession.
“Grantor Penalty Account” means the bank account
opened for the purpose of paying all amounts due to the
Grantor by way of penalties under article 39 of the
« Compte de Pénalités Concédant » désigne le
compte bancaire ouvert aux fins de payer tous les
montants dus au Concédant au titre de pénalités en
vertu de l'article 39 du Contrat de Concession.
“Grantor Penalty Securities Account” means the
securities account be opened for the purpose of
Grantor Penalty Account has been invested pending
allocation.
« Compte Titres de Pénalités Concédant » désigne le
compte titres ouvert aux fins d’inscrire les titres sur
lesquels le montant disponible au crédit du Compte de
Pénalités du Concédant a été investi en attente
d’allocation.
“Heavy Maintenance Contract” means the major
carriageway repair and maintenance performance
contract on 19 July 2013 between, among others, the
Issuer and the Heavy Maintenance Operator.
« Contrat de Maintenance Lourde » désigne le
contrat de réparation et de maintenance principal des
chaussées du 19 juillet 2013 entre, entre autres,
l'Émetteur et l'Opérateur de Maintenance Lourde.
“Heavy Maintenance Interface Agreement” means
the interface agreement between the Issuer, O&M
Operator and Heavy Maintenance Operator.
« Contrat d’Interface de Maintenance Lourde »
désigne le contrat d’interface entre l’Emetteur,
l’Exploitant et l’Opérateur de Maintenance Lourde.
“Heavy Maintenance Operator” means the jointventure between the Contractor and the sub-joint
venture between Colas and Le Foll.
« Opérateur de Maintenance Lourde » désigne le
GIE entre le Contractant et le GIE secondaire entre
Colas et Le Foll.
“Heavy Maintenance Works” means works related to
pavement strengthening on the Motorway other than
Renewals Works, routine maintenance works and the
Motorway Widening Works.
« Travaux de Maintenance Lourde » désigne les
travaux relatifs au renforcement des bordures de
l’Autoroute autres que les Travaux de Renouvellement,
les travaux de maintenance de routine et les Travaux
d'Elargissement des Autoroutes.
“Historic ADSCR” means, on any Bonds Payment
Date, the ratio of (i) the Net Operating Cashflow to (ii)
the Senior Debt Service Requirement, in each case for
the twelve-month period ending on that Bonds Payment
Date.
« ADSCR Historique » désigne à une Date de
Paiement des Obligations, le ratio (i) des Flux de
Trésorerie Liés à l'Exploitation sur (ii) le Service de la
Dette Senior Requis, dans chaque cas pour la période
de douze (12) mois s'achevant à ladite Date de
Paiement des Obligations.
“Holding Company” means, in relation to a company
or a corporation, any other company or corporation in
respect of which such company or corporation is a
Subsidiary.
“Société-Mère” désigne relativement à une société ou
une entreprise, toute autre société ou entreprise au titre
de laquelle ladite société entreprise est une Filiale.
“Independent Expert” means a Traffic Expert (as
« Expert Indépendant » désigne un Expert Trafic
131
such expert is part of the pre-approved list), a
Technical Advisor (as such expert is part of the preapproved list), or any expert which will be appointed
by the Issuer on a Negative Approval basis within
fifteen 15 Business Days or, as the case may be, by the
A Bondholders. In the case that the expert is not
appointed by the Issuer on a Negative Approval basis,
the Issuer shall meet with the Bondholders’
Representatives and decide jointly on a name. If no
agreement can be reached, the Issuer shall request (for
economic matters) the ordres des experts-comptables
and (for technical matters) the Institute of civil
engineers to appoint an independent expert.
(ledit expert faisant partie d'une liste pré-agréée), un
Conseiller Technique (ledit expert faisant partie d'une
liste pré-agréée) ou tout expert qui sera désigné par
l'Émetteur sur une base d'Approbation Négative dans
les quinze (15) Jours Ouvrés ou, suivant le cas, par les
Obligataires A. Dans le cas où l'expert n'est pas désigné
par l'Émetteur sur une base d'Approbation Négative, ce
dernier se réunira avec les Représentants des Masses
des Obligataires et décidera conjointement d’une
nomination. À défaut d’accord, l’Émetteur demandera
pour les sujets économiques à l'ordre des expertscomptables et pour les sujets techniques à l'Institut des
ingénieurs civils de désigner un Expert Indépendant.
Any Independent Expert shall act as an expert and not
as an arbitrator.
Un Expert Indépendant agira comme expert et non
comme arbitre.
“Inflation Index Ratio” means the ratio calculated
pursuant to and in accordance with Condition 7.2 of the
Terms and Conditions of the A2 Bonds (“Inflation
Index Ratio”).
« Ratio d’Indice d’Inflation » désigne le ratio calculé
en vertu de et conformément à la Condition 7.2 des
Termes et Conditions des Obligations A2 (Ratio
d’Indice d’Inflation).
“Information Memorandum” means the information
memorandum dated on or about the date hereof
prepared by the Issuer in connection with the issue of
the A1 Bonds and their listing on Alternext.
« Memorandum
d’Information »
désigne
le
mémorandum d’information en date de, ou aux
alentours de la date des présentes, préparé par
l’Emetteur en relation avec l’émission des Obligations
A1 et leur cotation sur Alternext.
“Interest Rate” means the A1 Bonds Interest Rate or
the A2 Bonds Interest Rate, as the case may be.
« Taux d’Intérêts » désigne, selon le cas, le Taux
d’Intérêts sur les Obligations A1 ou le Taux d’Intérêts
sur les Obligations A2.
“Interface Agreement” means the interface contract
entered into on 19 July 2013 between, among others,
the Issuer and the O&M Operator.
« Contrat d’Interface » désigne le contrat d'interface
conclu, le 19 juillet 2013 entre, entre autres, l'Émetteur
et l'Exploitant.
“Insolvency Proceedings” shall mean, in respect of
any person:
« Procédure Collective » désigne en relation avec une
personne :
(a)
(a)
any corporate action, legal proceedings or
other procedure or step is taken in relation to:
une décision d'un organe social est prise ou
une procédure judiciaire ou autre démarche
est engagée en vue de :
(i)
the suspension of payments, a
moratorium of any indebtedness,
dissolution, the opening of
proceedings
for
sauvegarde
(including, for the avoidance of
doubt, sauvegarde accélérée and
sauvegarde financière accélérée),
redressement
judiciaire
or
liquidation
judiciaire
or
reorganisation (including a mandat
ad hoc, a conciliation or any other
Amicable Proceeding);
(i)
la suspension des paiements,
l'obtention d'un moratoire sur tout
ou partie des dettes, la dissolution,
l'ouverture d'une procédure de
sauvegarde (en ce compris, aux fins
de dissiper tout doute éventuel, une
procédure de sauvegarde accélérée
ou de sauvegarde financière
accélérée),
de
redressement
judiciaire ou de liquidation
judiciaire ou la restructuration (en
ce inclus un mandat ad-hoc, une
conciliation
ou
toute
autre
Procédure Amiable) ;
(ii)
a
composition,
compromise,
assignment or arrangement with
any creditor of the Issuer;
(ii)
la conclusion d'un accord de
réaménagement, de cession ou de
rééchelonnement avec un créancier
de l’Emetteur ;
(iii)
the appointment of a liquidator,
receiver,
administrator,
administrative receiver, provisional
administrator or other similar
officer
(but
including
any
mandataire ad hoc, conciliateur or
other similar officer in the context
(iii)
la désignation d'un liquidateur,
administrateur
judiciaire,
administrateur-séquestre,
administrateur provisoire ou de
toute autre personne exerçant des
fonctions similaires (en ce inclus
un mandataire ad-hoc, conciliateur
ou toute autre personne exerçant
132
des fonctions dans le cadre d’une
Procédure Amiable) ;
of an Amicable Proceeding);
(b)
a person applies for a mandat ad hoc or
conciliation in accordance with articles
L.611-3 to L.611-15 of the Code de
Commerce;
(b)
une personne sollicite la désignation d'un
mandataire ad-hoc ou engage une procédure
de conciliation en application des articles
L.611-3 à L.611-15 du Code de commerce ;
(c)
a judgement opening proceedings for
sauvegarde (including, for the avoidance of
doubt, sauvegarde accélérée and sauvegarde
financière
accélérée),
redressement
judiciaire or liquidation judiciaire or
ordering a cession totale ou partielle de
l’entreprise is entered in relation to the Issuer
under articles L.620-1 to L.670-8 of the
French Code de commerce;
(c)
un jugement d'ouverture d'une procédure de
sauvegarde (en ce compris, aux fins de
dissiper tout doute éventuel, une procédure
de sauvegarde accélérée ou de sauvegarde
financière accélérée), de redressement ou de
liquidation judiciaire, ou un jugement
ordonnant la cession totale ou partielle de
l'entreprise est prononcé à l'encontre de
l’Emetteur en application des articles L.620-1
à L.670-8 du Code de commerce ;
(d)
any procedure, judgment or step is taken in
any jurisdiction which has effects similar to
those referred to in paragraphs (a) to (c)
above;
(d)
une procédure ou action est entreprise, ou un
jugement est obtenu, ayant un effet similaire
ou assimilable à ceux visés aux paragraphes
(a) à (c) ci-dessus.
“Instructing Creditors” has the meaning given to in
Article 11.1 (General Provisions – Instructing
Creditors) of the Intercreditor Agreement.
« Créanciers Décisionnels » a le sens donné à ce
terme à l’article 11.1 (Dispositions générales Créanciers Décisionnels) de l’Accord Intercréanciers.
“Insurance Proceeds Account” means the account
opened for the purpose of crediting any proceeds from
insurance claims.
« Compte Indemnités d’Assurances » désigne le
compte ouvert pour les besoins de créditer tout produits
d’assurances.
“Insurance Proceeds Securities Account” means the
securities account opened for the purpose of registering
securities in which the cash available to the credit of
the Insurance Proceeds Account has been invested
pending allocation in Permitted Investments.
« Compte Titres Indemnités d’Assurances » désigne
le compte titres ouvert aux fins d’inscrire les titres
financiers acquis au moyen des sommes disponibles au
crédit du Compte Indemnités d’Assurance dans
l’attente de leur utilisation et placés en Placement
Autorisé.
“Investor Website” has the meaning ascribed to such
term in Condition 4.15 of the A1 Terms and Conditions
and A2 Terms ad Conditions.
« Site Internet de l’Investisseur » a le sens donné à ce
terme à la Condition 4.15 des Termes et Conditions des
Obligations A1 et des Termes et Conditions A2.
“Issuer” means Autoroute de Liaison Seine-Sarthe.
« Emetteur » désigne Autoroute de Liaison SeineSarthe.
“Issuer Cash Accounts” means:
« Comptes Espèces de l’Emetteur » désigne :
(a)
the Operating Account;
(a)
le Compte Opérationnel ;
(b)
the Grantor Penalty Account;
(b)
le Compte Pénalités Concédant ;
(c)
the A Bonds Debt Service Reserve Account;
(c)
le Compte de Réserve du Service de la Dette
des Obligations A1 ;
(d)
the A2 Bonds Redemption Reserve Account;
(d)
le Compte de Réserve pour l’Amortissement
des Obligations A2 ;
(e)
the Distribution Shareholder Account;
(e)
le Compte de Distribution Actionnaires ;
(f)
the Subordinated Payments Account;
(f)
le Compte de Paiements Subordonnés ;
(g)
the Insurance Proceeds Account;
(g)
le Compte d’Indémnités d’Assurance ;
(h)
the Operating Transit 1 Account;
(h)
le Compte de Transit 1 ;
(i)
if needs be for operational reasons after the
Issue Date, the Operating Transit 2 Account;
(i)
s’il est nécessaire pour des raisons
opérationnelles après la Date d’Emission, le
Compte de Transit 2 ;
(j)
the Major Maintenance Reserve Account;
and
(j)
le Compte de Réserve de Gros Entretien ; et
133
(k)
the Equity Cure Account.
(k)
le Compte Equity Cure.
“Issuer Cost Forecast” has the meaning ascribed to
(“Issuer Cost Forecast and Update”).
« Prévisions des Coûts de l'Émetteur » le sens donné
à ce terme dans la Condition 4.14 des Termes et
Conditions des Obligations A1 ou des Termes et
Conditions des Obligations A2 (« Prévisions des Coûts
de l’Émetteur et Actualisation »), selon le cas.
“Issuer Revenue Forecast” has the meaning ascribed
(“Issuer Revenue Forecast and Update”).
« Prévisions de Chiffre d'Affaires de l'Émetteur » »
le sens donné à ce terme dans la Condition 4.13 des
Termes et Conditions des Obligations A1 ou des
Termes et Conditions des Obligations A2 (« Prévisions
de Chiffre d'Affaires de l’Émetteur et Actualisation »),
selon le cas.
“Issue Date” means the date on which the A Bonds are
issued by the Issuer in accordance with the terms of the
Finance Documents.
« Date d’Emission » désigne la date à laquelle les
Obligations A sont émises par l’Emetteur
conformément aux termes des Documents de
Financement.
“Issuer Securities Accounts” means:
« Comptes Titres de l’Emetteur » désigne :
(a)
the Operating Securities Account;
(a)
le Compte Titres Opérationnel;
(b)
the Grantor Penalty Securities Account;
(b)
le Compte Titres Pénalités Concédant;
(c)
the A Bonds Debt Service Reserve Securities
Account;
(c)
le Compte Titres de Réserve du Service de la
Dette des Obligations A;
(d)
the A2 Bonds
Securities Account;
Reserve
(d)
le Compte Titres de Réserve
l’Amortissement des Obligations A2;
(e)
the Distribution
Accounts;
Shareholder
Securities
(e)
le
Compte
Actionnaires;
(f)
the Subordinated
Account;
Payments
Securities
(f)
le Compte Titres de Paiements Subordonnés;
(g)
the Insurance Proceeds Securities Account;
and
(g)
le Compte Titres Indémnités d’Assurances;
et
(h)
the Major Maintenance Reserve Securities
Account.
(h)
le Compte Titres de Réserve de Gros
Entretien.
Redemption
Titres
de
pour
Distribution
“Junior Creditors” means the Shareholders and SAPN
(in its capacity as creditor of the Issuer under the SAPN
Agreement).
« Créanciers Junior » désigne les Actionnaires et
SAPN (en sa qualité de créancier de l’Emetteur au titre
du Contrat SAPN).
“Junior Debt” means all of the sums, payable or not
yet payable, owed by the Issuer at any given time in
any currency whatsoever to the Junior Creditors
(including any Distribution), in particular by way of
principal, interest, default interest, premiums, costs,
fees, indemnities, break costs and other ancillary costs,
including under the Shareholders Loans and the SAPN
Agreement, as well as any Additional Debt relating
thereto and all of the costs, expenses and charges
incurred by any Junior Creditor in connection with the
protection, preservation or exercise of its rights
pursuant to the Intercreditor Agreement and the other
Junior Finance Documents to which it is a party.
« Dette Junior » désigne toutes les sommes, due ou
non encore dues, par l’Emetteur à tout moment en toute
monnaie que ce soit aux Créanciers Junior (en ce inclus
les Distributions), en particulier en principal, intérêt,
intérêt de retard, pénalités, coûts, frais, indemnités,
coûts de rupture et tout autre coûts accessoire, en ce
inclus au titres des Prêts d’Actionnaires et du Contrat
SAPN, ainsi que toute Dette Supplémentaire y
afférente et tous les coûts, frais et charges encourus par
tout Créancier Junior en relation avec protection, la
préservation ou l’exercice de ses droits en vertu de
l’Accord Intercréanciers et des Documents de
Financement Junior auxquels il est partie.
“Junior Finance Documents” means the SAPN
Agreement and any document relating to any loan or
advance under the SAPN Agreement and the
Shareholders Loans and any document relating to any
loan or advance made by the Shareholders to the Issuer.
« Documents de Financement Junior » désigne le
Contrat SAPN et tout autre document relatif à un prêt
ou une avance faite au titre du Contrat SAPN et les
Prêts d’Actionnaires et tout autre document relatif à un
prêt ou une avance faite par les Actionnaires à
l’Emetteur.
134
“Laws” means:
« Lois » désigne
(a)
any valid, generally binding legal regulation
which is part of French legislation;
(a)
toute
réglementation
légale
valable,
généralement contraignante qui fait partie de
la législation française ;
(b)
relevant guidelines, methodologies and other
regulations that are binding on the Issuer;
(b)
les directives, méthodologies et autres
réglementations pertinentes qui ont force
exécutoire sur l'Émetteur ;
(c)
any legislation of the EEA, and any relevant
implementing measure of each Member State
of the EEA which has implemented a
directive.
(c)
toute législation de l'espace
européen, et toute mesure
pertinente de chaque État
l'Espace économique européen
place une directive.
économique
d'application
membre de
qui a mis en
“Legal Reservations” means the legal reservations set
out in the legal opinions provided to the Joint Lead
Arrangers on the Issue Date.
« Réserves Juridiques » désigne les réserves
juridiques figurant dans les avis juridiques remis aux
Co-Chefs de File à la Date d’Emission.
“Lifecycle Costs” means the works necessary for
renewals and maintenance and comprise (i) the Heavy
Maintenance Works, (ii) Renewals Works and (iii)
Motorway Widening Works.
« Coûts du Cycle de Vie » désigne les travaux
nécessaires de rénovation et de maintenance, y
compris, (i) les Travaux de Maintenance Lourde, (ii)
les Travaux de Rénovation et (iii) les Travaux
d'Élargissement des Autoroutes.
“Lock-up Event” occurs when the Subordinated
Distribution Conditions on the relevant Bonds Payment
Date are not met.
« Evènement de Blocage » survient lorsque les
Conditions de Distributions Subordonnées ne sont pas
réalisées à une Date de Paiements des Obligations
donnée.
“Main Project Party” means (i) the O&M Operator
under the O&M Contract and the Heavy Maintenance
Interface Contract; (ii) the Grantor under the
Concession Agreement; (iii) the Contractor under the
Heavy Maintenance Contract; and (iv) any party
substituted for the parties thereof (the Contractor under
the Heavy Maintenance Contract excluded).
« Partie du Projet Importante » désigne (i)
l'Exploitant au titre du Contrat O&M et du Contrat
d'Interface de Maintenance Lourde (ii) le Concédant au
titre du Contrat de Concession, (iii) le Constructeur au
titre du Contrat de Maintenance Lourde, et (iv) toute
partie remplaçant une partie auxdits contrats (à
l’exception du Constructeur au titre du Contrat de
Maintenance Lourde).
“Major Maintenance Required Reserve Amount”
means, on any Bond Payment Date, on a 5 year looking
forward basis:
« Solde Requis pour le Gros Entretien » désigne à
une Date de Paiements des Obligations, sur une base
prospective de 5 ans :
(a)
Year 1: 100% of projected Lifecycle Costs;
(a)
Année 1: 100% des Coûts du Cycle de Vie;
(b)
(b)
(c)
(c)
(d)
and
(d)
(e)
Year 5: 20% of projected Lifecycle Costs.
(e)
“Major Maintenance Reserve Account” or “MRA”
means the bank account opened for the following
purposes:
« Compte de Réserve de Gros Entretien » ou
« CRGE » désigne le compte bancaire ouvert aux fins
suivantes :
(a)
payments received: transfer from the
Operating Account based on projected
Lifecycle Costs (100% for the current year;
80% the first subsequent year; 60% for the
subsequent year; 40% for the subsequent year
and 20% for the subsequent year); and
(a)
paiements reçus : virement du Compte
Opérationnel basé sur les Coûts du Cycle de
Vie (100 % pour l'année en cours) ; 80 %
pour l’année suivante ; 60 % pour l'année
suivante ; 40 % pour l'année suivante et 20 %
pour l'année suivante) ; et
(b)
payments made: transfer from time to time to
the Operating Account to meet the Lifecycle
Costs.
(b)
paiements effectués : virement périodique
vers le Compte Opérationnel pour satisfaire
aux Coûts du Cycle de Vie.
“Major Maintenance Reserve Securities Account”
« Compte Titres de Réserve de Gros Entretien »
désigne le compte titres financiers ouvert aux fins
135
credit of the Major Maintenance Reserve Account has
been invested pending allocation in Cash Equivalent
Investments.
d’inscrire les titres financiers acquis au moyen des
disponibilités figurant au crédit du CRGE dans l’attente
de leur utilisation et placés en Investissements en
Équivalents de Trésorerie.
“Material Adverse Effect” means the consequences of
an event or circumstance or a series of events or
circumstances having a material and adverse effect on:
« Effet Significatif Défavorable » désigne les
conséquences d'un événement ou d'une circonstance ou
une série d'événements ou de circonstances ayant un
effet significatif défavorable sur :
(a)
the ability of the Issuer to meet its payment
obligations and other material obligations
under the Finance Documents or the
Concession Agreement (where such inability
to comply with its material obligations under
the Finance Documents or the Concession
Agreement would be materially adverse to
the interests of the A Bondholders);
(a)
la capacité de l'Émetteur à faire face à ses
obligations de paiement et autres obligations
matérielles en vertu des Documents de
Financement ou du Contrat de Concession
(lorsqu'une telle incapacité à se conformer à
ses obligations importantes découlant des
Documents de Financement ou du Contrat de
Concession aurait un effet significatif
défavorable sur les intérêts des Obligataires
A) ;
(b)
the validity, legality or enforceability of any
Finance Document; or
(b)
la validité, la légalité ou le caractère
exécutoire de tout Document de Financement
; ou
(c)
the ranking of any right in rem established or
to be established by any of the Transaction
Security Documents.
(c)
le rang de tous droits réels établis ou devant
être établis par l'un des Documents de
Sûretés de l’Opération.
“Material Adverse Event” means an event or
circumstance or a series of events or circumstances
which is reasonably likely to have a Material Adverse
Effect.
« Evènement Significatif Défavorable » désigne un
événement ou une circonstance ou une série
d'événements ou de circonstances qui est
raisonnablement susceptible d'avoir un Effet
Significatif Défavorable.
“Motorway” means the A28 Motorway.
« Autoroute » désigne l’Autoroute A28.
“Motorway Widening Works” means the costs
associated to the widening of the Motorway and civil
works to be performed in accordance with the
provision of clause 3 of the Concession Agreement.
« Travaux d’Elargissement de l’Autoroute » désigne
les coûts relatifs aux travaux d’élargissement de
l’Autoroute et les travaux d’ingénierie devant être
effectués conformément aux stipulations de la clause 3
du Contrat de Concession.
“Negative Approval” means in relation to the approval
of a particular matter, that such approval has been
given unless, within the contemplated timeframe, the
relevant matter is not approved by (a) at least two A
Bondholders (which are Non-Affiliated) holding or
representing not less than 35% in nominal amount of
all A Bonds for the time being outstanding or (b) by the
A Bondholders’ Representatives acting on the
instructions of the A Bondholders pursuant to a
Combined Ordinary Resolution (it being nevertheless
acknowledged that, if related to a Challenge Period, the
matter will be deemed to be approved if no quorum is
reached at the first meeting).
« Approbation Négative » signifie concernant
l'approbation d'un sujet particulier que ladite
approbation a été donnée sauf si, dans le calendrier
prévu, le sujet concerné n'est pas approuvé par (a) au
moins deux Obligataires A (qui sont Non-Affiliés)
détenant ou représentant au moins 35 % en valeur
nominale de toutes les Obligations A actuellement en
circulation ou (b) par les Représentants des Masses des
Obligataires A agissant sur instructions des
Obligataires A conformément à une Résolution
Ordinaire Combinée (il est cependant entendu que s'il
est afférent à une Période de Contestation, le sujet sera
censé être approuvé si aucun quorum n'est atteint lors
de la première assemblée).
“Net Operating Cashflow” means, in relation to a
twelve months period, the sum of:
« Flux de Trésorerie Liés à l'Exploitation » désigne,
relativement à une période de douze mois, la somme :
(a)
the operating revenues;
(a)
des revenus opérationnels ;
(b)
interest earned or being charged on the Issuer
Cash Accounts pledged to the Bondholders
(except Subordinated Payments Account);
(b)
de l'intérêt perçu ou devant être perçu sur les
Comptes Espèces de l'Émetteur nantis au
bénéfice des Obligataires (à l'exception du
Compte de Paiements Subordonnés) ;
(c)
inflows/outflows to/from the A Bonds Debt
Service Reserve Account and the Major
(c)
entrées/sorties sur le/du Compte de Réserve
du Service de la Dette des Obligations A et
136
Maintenance Reserve Account;
du Compte de Réserve de Gros Entretien ;
(d)
insurance proceeds for BII and liquidated
damages or compensation received under the
Project Documents;
(d)
des indemnités d'assurance BII et des
dommages-intérêts ou de la compensation
reçus en vertu des Documents du Projet ;
(e)
any changes in net working capital and VAT;
and
(e)
de tout changement dans le fonds de
roulement net et la TVA ; et
(f)
tax refunds;
(f)
des remboursements d'impôts;
less:
moins :
(g)
operating costs (including royalties, the
O&M Contract, the Heavy Maintenance
Contract or any other existing contract, but
excluding transaction costs that have been
funded in the Use of proceeds of A Bonds but
have not been paid on the Issue Date); and
(g)
les coûts opérationnels (y compris les
redevances, le Contrat d’ExploitationMaintenance, le Contrat de Maintenance
Lourde ou tout autre contrat existant, mais à
l’exclusion de coûts de la transaction qui ont
été financés par l’emploi des produits des
Obligations A mais qui n’ont pas été payés à
la Date d’Emission) ; et
(h)
taxes paid.
(h)
les impôts payés.
“Non-Affiliated” means, in relation to two entities, the
fact that no such entity is an Affiliate of the other
entity.
« Non-Affilié » signifie, s’agissant de deux entités, le
fait qu'aucune entité n'est une Affiliée à l'autre.
“Non-Cooperating State or Territory” means a “noncooperative state or territory” as set out in the list
referred to in Article 238-0 A of the French Code
général des impôts, as such list may be amended from
time to time.
« Etat ou Territoire Non-Coopératif » désigne un
Etat ou territoire non coopératif visé dans la liste de
l'article 238-0 A du Code général des impôts, telle que
cette liste peut être mise à jour de temps à autre.
“O&M Contract” means the agreement entered into
between the Issuer and the O&M Operator for the
operation and maintenance of the Project on 28 June
2002 (as amended on 1 July 2003, 18 October 2004, 16
January 2006, 10 October 2006, 19 July 2013 and dated
2 October 2013).
« Contrat O&M » désigne la convention conclue entre
l'Émetteur et l'Exploitant pour l'exploitation et la
maintenance du Projet le 28 juin 2002 (telle que
modifié le 1er juillet 2003, le 18 octobre 2004, le 16
janvier 2006, le 10 octobre 2006, le 19 juillet 2013 et
en date du 2 octobre 2013).
“O&M Direct Agreement” means the direct
agreement entered into on or about the Issue Date
between, among others, the Issuer, the O&M Operator
and the Security Agent.
« Accord Direct O&M » désigne l’accord direct signé
en date, ou aux alentours de la Date d’Emission, entre,
entre autres, l’Emetteur, l’Exploitant et l’Agent des
Sûretés.
“O&M Operator” means Routalis S.A.S. a société par
actions simplifiée incorporated in France, registered
with the Registre du Commerce et des Sociétés of
Versailles under number B 442 416 418 and having its
offices at 11, avenue du Centre, 78286 Guyancourt.
« Exploitant » désigne Routalis S.A.S. une société par
actions simplifiée constituée en France, immatriculée
au Registre du Commerce et des Sociétés de Versailles
sous le numéro B 442 416 418 et ayant son siège social
11, avenue du Centre, 78286 Guyancourt.
“OATi Yield” means the sum of (i) the OATi 2029
yield (ISIN: FR0000186413) and (ii) three-fifths of the
difference between the OATei 2032 yield (ISIN:
FR0011008705) and the OATei 2027 yield (ISIN:
FR0000188799). OATi and OATei yields will be set on
pricing date as the arithmetic average of the bid and
offer yield of the relevant OAT notes as quoted on the
Bloomberg screen PX1 <GO>, rounded to the nearest
0.001%, (with 0.0005% rounded upwards).
“OATi Yield” désigne la somme du (i) rendement
OATi 2029 (ISIN : FR0000186413) et (ii) troiscinquièmes de la différence entre le rendement OATei
2032 (ISIN : FR0011008705) et le rendement OATei
2027 (ISIN : FR0000188799). Les rendements OATi et
OTAei seront déterminés à la date de détermination du
prix comme étant la moyenne arithmétique du
rendement des prix bid/offer des OAT concernées, tels
que cotés sur l’écran Bloomberg PX1 <GO>, arrondis
au plus proche 0,001% (0,0005% étant arrondi à la
hausse).
“Operating Account” means the bank account opened
for the following purposes:
« Compte Opérationnel » désigne le compte bancaire
ouvert aux fins suivantes :
(a)
(a)
payments received: all operating revenues,
any amounts withdrawn from reserve
accounts, any other amounts by way of
income, revenues or proceeds including
137
paiements reçus : tout le chiffre d'affaire
opérationnel, les montants débités des
comptes de réserve, tout autre montant issu
d'un revenu, chiffre d'affaires ou produit y
without limitation, insurers, refunds or
rebates of tax and interest however arising on
any account; and
(b)
compris mais sans s'y limiter, des assurances,
des remboursements ou de crédits d'impôt et
d'intérêts crédités sur un compte; et
payments made: any amounts of any items
identified in the Operating Account
Waterfall.
(b)
paiements effectués : tout montant
correspondant à un élément identifié dans
l’Ordre des Paiements Compte Opérationnel.
“Operating Account Waterfall” has the meaning
given to this term in article 5 of the Intercreditor
Agreement.
« Ordre des Paiements Compte Opérationnel » a le
sens donné à ce terme à l’article 5 de l’Accord
Intercréanciers.
“Operating Securities Account” means the securities
account opened for the purpose of registering securities
in which the cash available to the credit of the
Operating Account has been invested pending
allocation in Permitted Investments.
« Compte Titres Opérationnel » désigne le compte
titres financiers ouvert aux fins d’inscrire les titres
financiers acquis au moyen des disponibilités figurant
au crédit du Compte Opérationnel dans l’attente de leur
utilisation et placés en Placements Autorisés.
“Operating Transit 1 Account” means the bank
account opened for the following purposes:
« Compte de Transit 1 » désigne le compte bancaire
ouvert aux fins suivantes :
(a)
payments received: part of the revenues from
credit card and subscription card payments of
toll on the motorway managed by a specific
bank (other than the Account Bank); and
(a)
paiements reçus : partie du chiffre d'affaires
généré par les cartes de crédit et les cartes
d'abonnement aux péages de l'autoroute gérée
par une banque spécifique (autre que la
Banque Teneuse de Comptes) ; et
(b)
payments made: regular transfer to the
Operating Account.
(b)
paiements effectués : virement régulier sur le
Compte Opérationnel.
“Operating Transit 2 Account” means the bank
account to be opened for the following purposes:
« Compte de Transit 2 » désigne le compte bancaire
devant être ouvert aux fins suivantes :
(a)
payments received: other part of the revenues
from credit card and subscription card
payments of toll on the motorway by another
specific bank (other than the Account Bank);
and
(a)
paiements reçus : autre partie du chiffre
d'affaires généré par les cartes de crédit et les
cartes d'abonnement aux péages de
l'autoroute gérée par une autre banque
spécifique (autre que la Banque Teneur de
Comptes) ; et
(b)
payments made: regular transfer to the
Operating Account.
(b)
paiements effectués : virement régulier sur le
Compte Opérationnel.
“Ordinary Resolution” means a resolution will be
passed in relation to any decision which does not
require an Extraordinary Resolution and which is not
related to an Enforcement Instruction Notice nor
related to an Entrenched Right.
« Résolution Ordinaire » désigne une résolution qui
sera adoptée relativement à une décision qui ne
nécessite pas une Résolution Extraordinaire et qui n'est
pas associée à une Notification d’Instruction de
Réalisation ni associée à un Droit de Veto.
“Original Shareholder Loan” means each shareholder
loan made available to the Issuer by the Shareholders
pursuant to the Project Sponsors Support Agreement.
« Prêt d’Actionnaires d’Origine » désigne chaque
prêt d’actionnaire mis à disposition de l’Emetteur par
les Actionnaires conformément au Contrat d’Apport
des Actionnaires.
“Outstanding” means all the A Bonds issued other
than (i) those that have been redeemed in accordance
with the Terms and Conditions, (ii) those in respect of
which the redemption date has occurred and the
redemption amount (including all interest accrued on
such A Bonds up to such redemption date and any
interest payable after such date, as the case may be) has
been duly paid in accordance with the provisions of
Condition 9.1 of the Terms and Conditions of the A1
Bonds (“Redemption by Instalments”) or Condition 9.1
of the Terms and Conditions of the A2 Bonds
(“Redemption at Maturity”), as the case may be, (iii)
those which have become void or in respect of which
claims have become prescribed and (iv) those which
have been purchased and cancelled in accordance with
Condition 9.10 of the Terms and Conditions of the A1
Bonds or of the A2 Bonds (“Cancellation”), as the case
“Encours” désigne toutes les Obligations A émises
autres que (i) celles qui ont été remboursées
conformément aux Termes et Conditions, (ii) celles
dont la date de maturité est arrivée et dont le montant
principal (y compris tous les intérêts courus sur ces
Obligations A jusqu’à cette date de remboursement et
tous les intérêts éventuellement payables ensuite) ont
été payés conformément à la Condition 9.1 des Termes
et Conditions des Obligations A1 (Remboursement
échelonné) ou la Condition 9.1 des Termes et
Conditions des Obligations A2 (Remboursement à
l’Echéance), selon le cas, (iii) celles qui ont été
annulées ou qui ont été prescrites et (iv) celles qui ont
été achetées et annulées conformément à la Condition
9.10 des Termes et Conditions des Obligations A1 ou
des Obligations A2 (Remboursement à l’Echéance),
138
may be.
selon le cas.
“Paying Agents” means the agents designated as such
in the Fiscal Agency Agreement.
« Agents Payeurs » désigne les agents désignés en tant
que tels dans le Contrat de Service Financier.
“Permitted Capex” means
« Capex Autorisés » désigne
(a)
Capex necessary to allow the Issuer to
comply with its obligations under the
Concession Agreement in compliance with
its terms, and as provided for in the Updated
Base Case Financial Output, and
(a)
les Capex nécessaires à l'Émetteur lui
permettant de respecter ses obligations en
vertu
du
Contrat
de
Concession
conformément à ses modalités, et tel que
prévu dans l'Actualisation des Extraits
financiers du Scénario de Base ; et
(b)
any other Capex permitted under a Project
Document or an Ancillary Document.
(b)
tout autre Capex autorisé en vertu d'un
Document du Projet ou d'un Document
Annexe.
“Permitted Business” means the business of the
Issuer, as at the date of the Information Memorandum,
being:
« Activité Autorisée » désigne l'activité de l'Émetteur,
à la date du Mémorandum d’Information, soit :
(a)
the business of being a road network operator
comprising operating, maintaining, repairing
and upgrading a road network and/or roads
and the provision of services and facilities for
and connected therewith, in accordance with
the Concession Agreement; and
(a)
l'activité d'opérateur de réseau routier
comprenant l'exploitation, l'entretien, la
réparation et l'amélioration d'un réseau
routier et/ou de routes, la prestation de
services et la mise à disposition des
installations y afférentes, conformément au
Contrat de Concession ; et
(b)
any other business ancillary to the activities
set out in paragraph (a) above or which is
approved by the A Bondholders through an
Ordinary Resolution,
(b)
toute autre activité annexe aux activités
décrites dans le paragraphe (a) ci-dessus ou
qui est approuvée par les Obligataires A par
le biais d'une Résolution Ordinaire,
provided that the activities set out in paragraph (a)
above constitute the principal business carried on by
the Issuer.
à condition que les activités visées au paragraphe (a) cidessus constituent l'activité principale de l'Émetteur.
“Permitted Disposals” means:
« Cessions Autorisées » désigne :
(a)
a disposal of assets that are subject to
replacement in accordance with the
Concession Agreement or are not required
for the Issuer to operate the concession, and
which is carried out on arm’s length terms;
(a)
une cession d'actifs qui sont soumis à
remplacement conformément au Contrat de
Concession ou qui ne sont pas nécessaire à
l'Émetteur pour qu'il exploite la concession,
et qui est réalisée dans des conditions
normales ;
(b)
a sub-concession permitted
Concession Agreement;
the
(b)
une sous-concession autorisée en vertu du
Contrat de Concession ;
(c)
a temporary occupancy permit or any land
use permitted under the Concession
Agreement;
(c)
un permis d'occupation temporaire ou toute
utilisation foncière en vertu du Contrat de
Concession ;
(d)
a disposal carried out or authorised pursuant
to the Transaction Documents;
(d)
une cession réalisée ou autorisée eu égard
aux Documents de l’Opération ;
(e)
any disposal of assets totaling less than 1
(one) million euros per year; and
(e)
une cession d'actifs totalisant moins d’un (1)
million d'euros par an ; et
(f)
any other disposal of assets that has received
the prior approval of the A Bondholders’
through
a
combined
Extraordinary
Resolution.
(f)
toute autre cession d'actifs qui a reçu
l'approbation préalable des Obligataires A
par le biais d'une Résolution Extraordinaire
Combinée.
under
“Permitted Financial Indebtedness” means:
(a)
« Endettement Financier Autorisé » désigne
(i) any Financial Indebtedness contracted in
respect of or authorised by the Transaction
Documents and (ii) indebtedness contracted
before the Issue Date under the existing
(a)
139
(i) tout Endettement Financier contracté au
titre des Documents de l’Opération ou
autorisé par ceux-ci et (ii) tout endettement
contracté avant la Date d’Émission en vertu
senior financing;
du financement senior existant ;
(b)
any trade payables or other similar liabilities
(including indebtedness relating to rights of
retention but excluding liabilities towards
Sub-Contractors) incurred in the ordinary
course of business on arm’s length terms,
insofar as such trade payables are paid within
one hundred and twenty (120) days of the
date on which the goods were delivered or
services were provided, subject to an
aggregate amount of EUR 1 (one) million;
(b)
toute dette fournisseur ou autre passif
similaire (y compris l'endettement relatif aux
droits de rétention, à l'exception des sommes
dues aux Sous-Traitants) engagé dans le
cadre de l'activité dans des conditions
normales et dans la mesure où lesdites dettes
fournisseurs sont payées dans les cent-vingt
(120) jours suivant la date à laquelle les biens
ont été livrés ou les services fournis, sous
réserve d'un montant global d’un (1) million
d’euros ;
(c)
indebtedness arising under or in respect of
any agreement for the Issuer to acquire, by
finance lease, hire purchase, lease or other
similar agreement, entered into primarily as a
method of financing the use of the asset
which is the subject of such lease or
agreement or hire purchase, the use of
operating equipment required for the Project,
rental payments in respect of which do not
exceed EUR 1 (one) million in aggregate (in
each case, adjusted for indexation) per
annum;
(c)
un endettement contracté par l'Émetteur par
le biais d'un crédit-bail, d'une location-vente,
d'une location ou de toute autre convention
similaire conclue principalement en tant que
méthode de financement de l'actif qui fait
l'objet d'une telle convention, l'utilisation de
l'équipement opérationnel requis pour le
Projet, les paiements de loyers à ce titre ne
dépassant pas un (1) million d'euros en
cumulé (dans chaque cas ajustés de
l'indexation) par an ;
(d)
any subordinated indebtedness that (i) is
subordinated to the Bonds, (ii) cannot be
cross defaulted to the Bonds, (iii) includes
provisions restricting enforcement actions
and (iv) the relevant creditor accedes to the
Intercreditor Agreement;
(d)
un endettement subordonné qui (i) est
subordonné aux Obligations, (ii) ne prévoit
pas de défaut croisé au titre des Obligations,
(iii) inclut des stipulations restreignant les
mesures exécutoires, et (iv) dont le créancier
concerné adhère à l’Accord Intercréanciers ;
(e)
any indebtedness incurred with the prior
approval of the holders of the A Bonds
through an Extraordinary Resolution;
(e)
un endettement contracté suite à l'autorisation
préalable des Obligataires A par le biais
d'une Résolution Extraordinaire ;
(f)
any indebtedness
Refinancing; and
a
(f)
un endettement résultant d'un Refinancement
; et
(g)
any other indebtedness incurred on arm’s
length financial terms, provided that:
(g)
tout autre endettement contracté selon des
conditions financières normales, à condition
que :
resulting
from
(i)
the aggregate outstanding amount
of such indebtedness does not
exceed EUR 1 (one) million; or
(i)
le montant global restant dû dudit
endettement n’excède pas un (1)
million d’euros ; ou
(ii)
the following conditions are met
prior to the new debt being raised:
(ii)
les conditions suivantes sont
respectées avant toute émission de
nouvelle dette :
(A)
the Issuer has delivered
to the A Bondholders’
Representatives written
confirmation from S&P,
Fitch or Moody’s (for the
purposes
of
this
definition of Permitted
Financial Indebtedness,
the “Relevant Rating
Agency”) that the rating
of the Bonds immediately
following the issuance of
new debt is not expected
to be less than BBB (that
is, rating at the time of
issuance) by S&P or
Fitch (if the Relevant
Rating Agency is S&P or
(A)
140
l’Émetteur communique
aux Représentants des
Masses des Obligataires
A une confirmation écrite
de S&P, Fitch, ou
Moody’s (aux fins de la
présente
définition
d’Endettement Financier
Autorisé, l’« Agence de
Notation Concernée »)
attestant qu’il est prévue
que la notation des
Obligations
immédiatement
après
l’émission de la nouvelle
dette
ne
soit
pas
inférieure à BBB (étant,
la notation à la date
d’émission) par S&P ou
Fitch (dans la mesure où
l’Agence de Notation
Concernée est S&P ou
Fitch), ou Baa2 (étant, la
notation à la date
d’émission) par Moody’s
(dans la mesure où
l’Agence de Notation
Concernée est Moody’s)
après que l’Émetteur ait
notifié par écrit l’Agence
de Notation Concernée
du projet d’émission de
la nouvelle dette ;
Fitch) or Baa2 (that is,
rating at the time of
issuance) by Moody’s (if
the Relevant Rating
Agency is Moody’s) after
the Issuer has notified the
Relevant Rating Agency
in writing of the issue of
the proposed new debt;
and
(B)
the Historic ADSCR is
not less than 1.30x as at
the most recent Bonds
Payment Date; and
(B)
l’ADSCR Historique ne
peut être inférieur à 1,30x
à la plus récente des
Dates de Paiement des
Obligations ; et
(C)
the Issuer has delivered
to the A Bondholders’
Representatives
an
update of the last Annual
Base Case Update which
demonstrates that, taking
into account the new debt
and the debt service
arising from that debt,
(C)
l’Émetteur communique
aux Représentants des
A une mise à jour de
l’Actualisation
du
qui prouve que, en
prenant en compte la
nouvelle dette et le
service de la dette
découlant de la dette :
(x)
at any Bonds
Payment Date,
from the next
Bonds Payment
Date until the
Final Maturity
Date,
the
Forward
ADSCR
and
the BLCR will
be not less than
1.30x
and
1.60x
respectively,
and
(x)
à toute Date de
Paiement des
Obligations, à
compter de la
prochaine Date
de
Paiement
des Obligations
jusqu’à la Date
d’Échéance
Finale,
l’ADSCR Futur
et le BLCR ne
seront
pas
inférieurs
à
1,30x et 1,60x
respectivement
; et
(z)
the
average
ADSCR on the
next
Bonds
Payment Date
(calculated as
the average of
the
Forward
ADSCR over
each
Bonds
Payment Date
from the next
Bonds Payment
Date until the
Final Maturity
Date) will be
not less than
1.60x;
(z)
l’ADSCR
moyen à la
prochaine Date
de
Paiement
des Obligations
(établi en tant
que la moyenne
des
ADSCR
Futurs à chaque
Date
de
Paiement des
Obligations à
compter de la
prochaine Date
de
Paiement
des Obligations
jusqu’à la Date
d’Échéance
141
Finale) ne sera
pas inférieur à
1,60x ;
(D)
the latest Expert Report
from the Traffic Expert
shall have been issued
not more than 24 months
before the date on which
such new debt is to be
raised accordingly the
Issuer shall obtain written
confirmation from the
Traffic Expert that there
have
been
no
circumstances or events
since the date of the last
report
that
would
materially change the
forecasts
contained
therein, or if the latest
Expert Report from the
Traffic Expert is older
than 24 months from the
date on which such new
debt is to be raised,
accordingly the Annual
Base Case Update shall
be based on an updated
Expert Report;
(D)
le
dernier
Rapport
d’Expert de l’Expert
Trafic devra avoir été
émis au moins 24 mois
avant la date à laquelle
ladite nouvelle dette
devra être levée, et par
conséquent
l’Emetteur
devra
obtenir
une
confirmation écrite de
l’Expert Trafic qu’il n’y
a pas eu de circonstances
ou d’évènements depuis
la date du dernier rapport
qui pourrait changer de
façon significative les
prévisions qui y sont
contenues, ou si le
dernier Rapport d’Expert
de l’Expert Trafic date de
plus de 24 mois avant la
date à laquelle la
nouvelle dette doit être
levée,
alors
l’Actualisation
du
sera établie sur la base du
Rapport d’Expert mis à
jour ;
(E)
the new debt will be pari
passu to the A Bonds;
and
(E)
la nouvelle dette sera
pari passu avec les
Obligations A ; et
(F)
the average life of the
new debt will be no
shorter than the average
life remaining on the A1
Bond at the time of the
re-leveraging; and
(F)
la durée moyenne de la
nouvelle dette ne devra
pas être plus courte que
la durée moyenne restant
à
courir
sur
les
Obligations
A1
au
moment refaire l’effet de
levier ; et
(G)
the new debt providers
have
entered
into
intercreditor
arrangements to
the
satisfaction of all A
Bondholders’
Representatives.
(G)
les prêteurs au titre de la
nouvelle dette ont conclu
des
accords
intercréanciers considérés
satisfaisants
par
les
Représentants
des
A.
“Permitted Investment” means:
« Placement Autorisé » désigne
(a)
an investment taking the form of bank
accounts deposits and certificates of deposit
which bear interest either periodically or at
maturity, maturing within one year after the
relevant date of calculation and issued by a
bank having a rating of at least BBB+ from
S&P or Fitch or at least Baa1 from Moody’s;
(a)
un investissement prenant la forme de dépôts
à terme et de certificats de dépôt portant
intérêt soit périodiquement, soit à l'échéance,
arrivant à échéance dans l'année suivant la
date de calcul concernée, émis par une
banque ayant une notation d'au moins BBB+
par S&P ou Fitch ou Baa1 par Moody’s ; ou
(b)
an investment which is a Cash Equivalent
Investment;
(b)
un investissement qui est un Investissement
en Equivalents de Trésorerie ; ou
(c)
any other investment selected by the Issuer
and agreed by the A Bondholders’
(c)
tout autre investissement choisi par
l'Émetteur et approuvé par le Représentant de
142
Representatives or the A Bondholders
through
a
Combined
Extraordinary
Resolution);
la Masse des Obligataires A ou par les
Obligataires A par le biais d'une Résolution
Extraordinaire Combinée ;
it being provided that all investments referred to in this
definition shall constitute “Permitted Investment” only
if as regards investments referred to in (b) above (i) all
such investments are capable of being registered in the
relevant Issuer Securities Account, and (ii) such
account and the securities registered in such account
are pledged in accordance with the Security Documents
and as regards the investments referred to in paragraphs
(a) and (c) above, all such investments are capable of
being pledged in a way satisfactory in form and in
substance to the Security Agent.
étant précisé que les instruments de placement
mentionnés dans la présente définition ne constitueront
des « Placements Autorisés » que dans la mesure où, en
ce qui concerne les placements visés dans le
paragraphe (b) ci-dessus (i) ils peuvent être inscrits sur
un Compte-Titres de l’Emetteur et (ii) que ce compte et
les titres enregistrés dans ce compte puissent être nantis
conformément à la Convention de Comptes et aux
Nantissements de Comptes, et en ce qui concerne les
placements visés aux paragraphes (a) et (c) ci-dessus,
ils peuvent faire l’objet d’une sûreté satisfaisante, en sa
forme et dans son contenu, à l’Agent des Sûretés.
“Permitted Junior Distribution” means the payments
indicated in the Subordinated Waterfall provided that
the payment is made only from the Subordinated
Payments Account.
« Distribution Junior Autorisée » désigne les
paiements visés à l’Ordre des Paiements Subordonnés,
sous réserve que le paiement soit effectué uniquement à
partir du Compte de Paiements Subordonnés.
“Permitted Payments” has the meaning ascribed to
such term in Article 4.2 (Permitted Payments) of the
Intercreditor Agreement.
« Paiements Autorisés » a le sens donné à ce terme à
l’Article 4.2 (Paiements Autorisés) de l’Accord
Intercréanciers.
“Permitted Security Interest” means:
« Sûreté Autorisée » désigne :
(a)
Transaction Security Documents;
(a)
les Documents de Sûretés de l'Opération ;
(b)
security interest arising solely by operation of
law;
(b)
une sûreté naissant uniquement par l'effet
d'une loi ;
(c)
security interest arising from retention of title
rights on normal commercial terms in respect
of goods supplied, including contractual liens
and rights of set off in respect of goods or
services supplied, in the ordinary course of
the business of the Issuer;
(c)
une sûreté résultant de l’exercice d’un droit
de rétention, relative à des biens fournis à
l’Emetteur, en ce inclus en vertu d’une clause
de réserve de propriété, et droits de
compensation, au titre des biens ou services
fournis, dans le cours normal des affaires de
l'Émetteur ;
(d)
in respect of unpaid taxes or arising out of an
attachment or similar process or out of
judgments or awards whilst the tax or other
amount concerned is being contested by the
relevant person in good faith and on
reasonable grounds and against which the
Issuer has made adequate provision in its
balance sheet; and
(d)
au titre des impôts impayés, ou découlant
d'une saisie ou autre procédure similaire, ou
bien d'un jugement ou une sentence lorsque
l'impôt ou tout autre montant en question est
contesté de bonne foi par la personne
concernée, avec des motifs raisonnables et
pour laquelle une provision a été
comptabilisée au bilan par l'Émetteur ; et
(e)
security interests
Bondholders.
(e)
toute sûreté approuvée par les Obligataires A.
approved
by
the
A
“Potential Event of Default” means any event or
circumstance specified in Condition 11 of A1 Bonds
Terms and Conditions and/or in Condition 11 of A2
Bonds Terms and Conditions (“Events of Default”)
which would, with the expiry of a grace or cure period,
with the giving of notice, with the making of any
determination or any combination of the foregoing,
become an Event of Default.
« Cas d’Exigibilité Anticipé Potentiel » désigne tout
événement ou toute circonstance cité(e) dans la
Condition 11 des Termes et Conditions des Obligations
A1 et/ou la Condition 11 des Termes et Conditions des
Obligations A2 (Cas d’Exigibilité Anticipée) lequel, du
fait de l'écoulement d'un délai de grâce ou de
remédiation, de l'envoi d'une notification ou d'une
décision prise conformément aux Documents de
Financement, deviendrait un Cas d’Exigibilité
Anticipée.
“Pricing Date” means 28 July 2016.
« Date de Détermination du Prix » désigne le 28
juillet 2016.
“Principal Outstanding Amount” means, in relation
to an A Bond, the original face value thereof (i) less
any repayment of principal (before indexation, as the
case may be) made to the holder(s) thereof in respect of
« Montant en Principal Restant Dû » désigne,
s’agissant d’une Obligation A, sa valeur nominale
initiale (i) moins tout remboursement du principal
(avant indexation, selon le cas) effectué aux
143
the A Bonds, (ii) plus capitalised interest, if any.
Obligataires A, (ii) plus les intérêts capitalisés, le cas
échéant.
“Project” means the operation and maintenance of the
Motorway.
« Projet » désigne l'exploitation et la maintenance de
l'Autoroute.
“Project Documents” means those currently in force
under the existing debt financing:
« Documents du Projet » désigne ceux des documents
ci-après qui sont en vigueur au titre du financement
existant :
(a)
the Concession Agreement;
(a)
le Contrat de Concession ;
(b)
the Heavy Maintenance Contract;
(b)
le Contrat de Maintenance Lourde ;
(c)
the Heavy Maintenance Interface Contract;
(c)
le Contrat
Lourde ;
(d)
the Termination Tripartite Agreement;
(d)
la Convention Tripartite de Résiliation ;
(e)
the O&M Contract;
(e)
le Contrat O&M ;
(f)
the Interface Agreement;
(f)
le Contrat d’Interface ;
(g)
the SAPN Agreement;
(g)
le Contrat SAPN ;
(h)
the by-laws of the Issuer; and
(h)
les statuts de l’Emetteur;
(i)
the Shareholders Loans; and
(i)
les Prêts d’Actionnaires ; et
(j)
any document replacing the documents
thereof (the Heavy Maintenance Contract
excluded).
(j)
tout document remplaçant l’un quelconque
des documents ci-dessus (à l’exclusion du
Contrat de Maintenance Lourde).
d’Interface
de
Maintenance
“Project Sponsors Support Agreement” means the
agreement designated as the Project Sponsors Support
Agreement dated 28 June 2002 and made between,
among others, the Issuer and the original shareholders
of the Issuer.
« Contrat d’Apport des Actionnaires » désigne le
contrat désigné comme étant le Contrat de Soutien des
Sponsors au Projet en date du 28 juin 2002 signé entre,
entre autres, l’Emetteur et les actionnaires originaux de
l’Emetteur.
“Ratio” means the Historic ADSCR, the forecast
DSCR and the BLCR.
« Ratio » désigne l'ADSCR historique, le DSCR
prévisionnel et le BLCR.
“Reference Rate” means, with respect to the A1
Bonds, the mid-swap rate for the fixed leg of a
hypothetical interest rate swap with a notional profile
equal to the semi-annual principal (taking into account
the purchase and repayment profile in respect of the A1
Bonds) that would be payable on the A1 Bonds (had
the redemption not taken place), with the same
payment dates as the A1 Bonds and a floating leg of
six-month EURIBOR with no spread and where such
hypothetical interest rate swap is fully collateralised;
and
« Taux de Référence » désigne, concernant les
Obligations A1, le taux de mid-swap pour la jambe fixe
d'un swap de taux d'intérêt hypothétique avec un profil
notionnel égal au montant en principal semestriel (en
prenant en compte le profil d'achat et de
remboursement au titre des Obligations A1) qui serait
payable sur les Obligations A1 (si le remboursement
n'avait pas eu lieu), avec les mêmes dates de paiement
que les Obligations A1 et une jambe variable basée sur
l’EURIBOR à six mois sans marge et en prenant
l’hypothèse que ledit swap de taux d'intérêt
hypothétique est entièrement collatéralisé, et
with respect to the A2 Bonds, the OATi Yield
(interpolated if necessary) as determined as at the
relevant redemption date.
concernant les Obligations A2 désigne le Rendement
OATi (interpolé, en cas de besoin), tel que déterminé à
la date de remboursement concernée
“Refinancing” means any indebtedness intended to
refinance (i) part (but not all) of A Bonds (the
“Refinanced Financing”) and (ii) if applicable, the
costs of terminating and/or renegotiating the related
hedging instruments:
« Refinancement » désigne l'endettement destiné à
refinancer (i) une partie (mais non la totalité) des
Obligations A (le « Financement Refinancé ») et (ii)
le cas échéant, les coûts de résiliation et/ou de
renégociation des instruments de couverture associés :
(a)
(a)
with a contractual repayment schedule such
that at any time, the aggregate amount of the
repayments made on the said financing is
equal to or less than the aggregate
repayments (in principal and interest) that
would have been made in the absence of such
144
avec un calendrier de remboursement
contractuel selon lequel à tout moment le
montant global des remboursements effectués
sur ledit financement est inférieur ou égal au
montant global agrégé des remboursements
(en principal et en intérêts) qui auraient été
effectués
en
l'absence
d'un
tel
Refinancing;
Refinancement ;
(b)
pari passu with the A Bonds; and
(b)
pari passu avec les Obligations A ; et
(c)
subject to intercreditor arrangements that are
satisfactory to the relevant A Bondholders’
Representative, acting on behalf of, and after
having consulted, the non-refinanced parties.
(c)
sous réserve des accords intercréanciers en
forme satisfaisante pour le Représentant des
Obligataires A concerné, agissant au nom des
parties non refinancées et après les avoir
consultées.
“Renewals Works” means any works for the renewals,
repair, replacement, reconstruction, reinstatement or
maintenance of any asset linked to the Project which
will be fully depreciated following the asset class type
life (from 1 to 12 years).
« Travaux de Rénovation » désigne tous travaux de
rénovation, réparation, remplacement, reconstruction,
réinstallation, ou maintenance de tout actif en lien avec
le Projet qui sera entièrement déprécié en raison de la
nature de vie d’une telle classe d’actif (de 1 à 12 ans).
“Revenue Forecast Update Event” means any of the
following events:
« Événement donnant lieu à une Actualisation du
Chiffre d’Affaires Prévisionnel » désigne l'un des
événements suivants :
(a)
every five years from the date that the most
recent Issuer Revenue Forecast was issued in
relation to a Revenue Forecast Update Event;
(a)
tous les cinq ans à compter de la date à
laquelle la Prévision de Chiffre d'Affaires de
l'Émetteur la plus récente a été émise
relativement à un Événement donnant lieu à
une Actualisation du Chiffre d’Affaires
Prévisionnel ;
(b)
in case actual revenues (in nominal terms)
realized in a given calendar year are 7.5%
lower than projected in the most recent
Updated Base Case Financial Outputs; and
(b)
si le chiffre d’affaires réel (en valeur
nominale) réalisés dans une année civile
donnée est 7,5 % inférieur au chiffre
d’affaires prévu dans l'Actualisation des
Extraits Financiers du Scénario de Base la
plus récente ; et
(c)
at any time if deemed necessary by the Issuer
(but not more than once a year).
(c)
à tout moment si jugé nécessaire par
l'Émetteur (sans que cela ne se produise plus
d’une fois par an).
“SAPN” has the meaning given to this term in
paragraph 15 at the beginning of this Agreement.
« SAPN » a le sens donné à ce terme au paragraphe 15
de la comparution des parties de cette Convention.
“SAPN Agreement” means the agreement entered into
SAPN and the Issuer on 19 June 2001 as supplemented
and amended by the Avenant n° 1 dated 19 October
2002 and the Avenant n° 2 dated as of the Issue Date.
« Contrat SAPN » désigne le contrat signé entre
SAPN et l’Emetteur le 19 juin 2001, tel que modifié
par un avenant n°1 en date du 19 octobre 2002 et un
avenant n°2 en date de la Date d’Emission.
“SAPN Tranche 2 Debt” means the subordinated
claim of SAPN against the Issuer pursuant to the terms
and conditions set out in the SAPN Agreement in an
original principal amount equal specified in clause 3.1
(b) of the Avenant n° 2 to the SAPN Agreement.
« Dette SAPN Tranche 2 » désigne la créance
subordonnée
de
SAPN
contre
l’Emetteur
conformément aux termes et conditions du Contrat
SAPN pour un montant initial tel que visé à l’article 3.1
(b) de l’avenant n°2 au Contrat SAPN.
“Security Interest” means a mortgage, charge, pledge,
lien or other security interest securing any obligation of
any person or any other agreement or arrangement
having a similar effect.
« Sûreté » désigne une hypothèque, une charge, un
nantissement, un privilège ou autre sûreté garantissant
une obligation de toute personne ou toute autre
convention ou accord ayant un effet similaire.
“Security Agent” has the meaning given to this term in
paragraph 3 at the beginning of this Agreement.
« Agent des Sûretés » a le sens donné à ce terme au
paragraphe 3 de la comparution des parties de ce
Contrat.
“Senior Creditors” means the Masse of the A1
Bondholders, the A1 Bondholders, the Masse of the A2
Bondholders, the A2 Bondholders, the Intercreditor
Agent, the Security Agent, the Bondholders’
Representatives, the Paying Agent, the Calculation
Agent, the Fiscal Agent and any agent appoint in
accordance with the Fiscal Agency Agreement.
« Créanciers Senior » désigne la Masse des
Obligataires A1, les Obligataires A1, la Masse des
Obligataires A2, les Obligataires A2, l’Agent
Intercréanciers, l’Agent des Sûretés, les Représentants
des Masses des Obligataires, l’Agent Payeur, l’Agent
de Calcul, l’Agent Fiancier et tout autre agent nommé
conformément au Contrat de Service Financier.
“Senior Debt” means all of the current (présentes) and
future debts (whether they are actual (certaines) or
« Dettes Senior » désigne toutes les dettes présentes et
futures (qu’elles soient certaines ou éventuelles), dues
145
contingent (éventuelles)) owed to the Senior Creditors
pursuant to the Finance Documents, as well as any
Additional Debts relating thereto and all of the costs,
expenses and charges incurred by any Senior Creditor
in connection with the protection, preservation or
exercise of its rights pursuant to the Finance
Documents.
aux Créanciers Senior conformément aux Documents
de Financement, ainsi que toute Dette Supplémentaire
y afférente, et tous coûts, frais et charges encourus par
un Créancier Senior en relation avec protection, la
préservation ou l’exercice de ses droits en vertu des
Documents de Financement.
“Senior Debt Service Requirement” means in respect
of any twelve months period ending on a Bonds
Payment Date, the aggregate of interest and scheduled
principal (including the funding of the A2 Bonds
Redemption Reserve Amount) paid or payable by the
Issuer under the A Bonds during such period and any
new pari passu Permitted Financial Indebtedness
incurred by the Issuer.
« Montant Requis au titre du Service de la Dette
Senior » désigne, pour toute période de douze mois se
terminant à une Date de Paiements des Obligations, le
montant global des intérêts et du principal prévu (en ce
inclus le financement du Compte de Réserve pour
l’Amortissement des Obligations A2) payé ou devant
être payé par l’Emetteur au titre des Obligations A
pendant cette période et tout nouvel Endettement
Financier Autorisé en pari passu souscrit par
l’Emetteur.
“Senior Discharge Date” means the date on which all
of the Senior Debt is paid and/or repaid,
unconditionally and irrevocably to the satisfaction of
the Intercreditor Agent.
« Date d’Acquittement Senior » désigne la date à
laquelle l’intégralité des Dettes Senior a été
intégralement payée ou remboursée, sans condition et
de manière irrévocable, à la satisfaction de l’Agent
Intercréanciers.
“Shared Security Documents” means:
« Documents de Sûretés Partagées » désigne :
(a)
article 2355 et seq. of the French Code civil
the credit of the Issuer Cash Accounts (other
than the A2 Bonds Redemption Reserve
Account, the Distribution Shareholder
Account and the Subordinated Payments
Account) (the “Pledge over Issuer Cash
Accounts”);
(a)
sommes figurant au crédit des Comptes
Espèces de l’Emetteur (autre que le Compte
de Réserve pour l’Amortissement des
Obligations A2, le Compte de Distribution
Actionnaire and le Compte de Paiements
Subordonnés) (le « Nantissement des
Compte Espèces de l’Emetteur ») ;
(b)
a securities account pledge pursuant to article
L.211-20 et seq. of the French Code
monétaire et financier granted by the Issuer
over the Issuer Securities Accounts (other
than the A2 Bonds Redemption Reserve
Securities Account the Grantor Penalty
Securities
Account,
the
Distribution
Shareholder Securities Account and the
Subordinated Payments Securities Account),
the Issuer undertaking to pledge by way of a
securities account pledge the Grantor Penalty
Securities Account as soon as it is opened
(the “Pledge over Project Securities
Accounts”);
(b)
un
nantissement
de
compte
titres
consenti par l’Emetteur sur les Comptes
Titres de l’Emetteur Compte (autre que le
Compte
Titres
de
Réserve
pour
l’Amortissement des Obligations A2, le
Compte Titres de Pénalités Concédant, le
Compte Titres de Distribution Actionnaire
and le Compte Titres de Paiements
Subordonnés) et engagement de l’Emetteur
de nantir le Compte Titres de Pénalités
Concédant dès qu’il sera ouvert (le
« Nantissement des Compte Titres de
l’Emetteur ») ;
(c)
securities account pledge pursuant to article
L.211-20 et seq. of the French Code
monétaire et financier) granted by each
Shareholder over the securities accounts
(excluding the cash accounts) opened in its
name in the books of the Issuer (the “Pledges
over Shareholders Securities Accounts”);
(c)
un nantissement sur le compte titres
consenti par chaque Actionnaire sur les
comptes titres (à l’exclusion des comptes
espèces) ouverts dans les livres de l’Emetteur
(les « Nantissement de Comptes Titres –
Actionnaires ») ;
(d)
article 2355 et seq. of the French Code civil
the credit of the Operating Transit 1 Account
(the “Pledge over Transit 1 Account”);
(d)
sommes figurant au crédit du Compte de
Transit 1 (le « Nantissement du Compte de
Transit 1 ») ;
(e)
a pledge over receivables pursuant to article
(e)
un nantissement de créances conformément
146
2355 et seq. of the French Code civil) over:
aux articles 2355 et suivant du Code civil sur:
1.
rights of the Issuer to receive any
sums or indemnities from the
Grantor
and
French
local
governments including in the event
of an early termination or
repurchase of the Concession
Agreement;
2.
les droits de l’Emetteur à recevoir
toute sommes ou indemnités du
Concédant et des autorités locales
françaises en cas de résiliation
anticipée ou en cas de rachat du
Contrat de Concession;
3.
all insurance indemnities due to the
Issuer by its insurance companies,
the Issuer undertaking to pledge
any further insurance indemnities
on each date on which a new
insurance policy is entered into;
2.
toutes les indemnités d’assurances
dues à l’Emetteur par les
compagnies
d’assurances,
l’Emetteur prenant l’engagement
de nantir toute nouvelle indemnité
d’assurances à la date à laquelle
une nouvelle police d’assurance est
conclue ;
3.
all indemnities due to the Issuer by
the Contractor (subject to specified
rights of set-off) under the Heavy
Maintenance Contract and of any
performance bond/guarantee issued
in favour of the Issuer under such
agreement;
3.
toutes les indemnités dues à
l’Emetteur par le Constructeur
(sous réserve des droits de
compensation) au titre du Contrat
de Maintenance Lourde et au titre
de toute garantie/cautionnement
émis en faveur de l’Emetteur au
titre dudit contrat;
4.
amounts due to it by the O&M
Operator (subject to specified
rights of set-off) under the O&M
Contract and of any performance
bond/guarantee issued in favour of
the Issuer under such agreement,
4.
toutes les sommes dues à
l’Emetteur par l’Exploitant (sous
réserve des droits de compensation)
au titre du Contrat O&M et au titre
de toute garantie/cautionnement
émis en faveur de l’Emetteur au
titre dudit contrat;
the “Project Pledge over Receivables”.
(f)
le « Nantissement de Créances – Projet ».
a pledge pursuant to article 2355 et seq. of
the French Code civil by the Shareholders of
their Shareholders Loans’ claim and
receivables against the Issuer (including
SAPN Tranche 2 Debt) (the “Shareholders
Pledges over Receivables”).
(f)
“Shareholder” means the shareholders of the Issuer
from time to time, being at the Issue Date the following
parties in the following share percentages:
un nantissement de créances conformément
aux articles 2355 et suivant du Code civil
consenti par chaque Actionnaire sur ses
droits et créances au titre des Prêts
d’Actionnaires (en ce inclus la Dette SAPN
Tranche 2) (le « Nantissement de Créances
– Actionnaires »).
« Actionnaires » désigne les actionnaires de l'Émetteur
(susceptibles d'évoluer dans le temps), soit à la Date
d'Émission les parties suivantes et dans les
pourcentages de participation ci-dessous :
(a)
MCIF (Mirova): 26.00%
(a)
MCIF (Mirova) : 26,00 %
(b)
PGGM: 33.17%
(b)
PGGM : 33,17 %
(c)
Aberdeen Infrastructure: 13.16%
(c)
Aberdeen Infrastructure : 13,16 %
(d)
Sanef Group: 11.67%
(d)
Groupe Sanef : 11,67 %
(e)
SAPN: 8.00%
(e)
SAPN : 8,00 %
(f)
Egis SA: 8.00%
(f)
Egis SA : 8,00 %
“Shareholder Loans” means the subordinated loans or
current account advances which have been or will be
made available to the Issuer by the Shareholders at any
time, including the Shareholders Loans made on the
Issue Date as set out in Clause 3.1 of the Intercreditor
Agreement.
« Prêts
d’Actionnaires »
désigne
les
prêts
subordonnés ou avances en comptes courants qui ont
été ou seront mis à la disposition de l’Emetteur par les
Actionnaires à tout moment, en ce inclus les Prêts
d’Actionnaires mis à disposition à la Date d’Emission
tel que stipulé à l’article 3.1 de l’Accord
Intercréanciers.
147
“Shares” means the shares constituting the share
capital of the Issuer, as well as any financial securities
entitling their holder to subscribe for or acquire shares
in the Issuer, by way of an exchange, conversion, the
exercise of an option or otherwise.
« Actions » désigne les actions formant le capital social
de l’Emetteur, ainsi que tout titre financier donnant à
leur porteur la possibilité de souscrire ou d’acquérir des
actions de l’Emetteur, par voie d’échange, conversion,
exercice d’une option ou autrement.
“Sub-Contractor” means any party to which Alis has
delegated all or part of its duties under any Project
Document.
« Sous-Traitant » désigne toute partie à laquelle Alis a
délégué tout ou partie de ses obligations en vertu d'un
Document du Projet.
“Subordinated Distribution Conditions” shall mean
that no payment of item (xii) of the Operating Account
Waterfall may be made unless the following
(cumulative) conditions are met:
« Conditions des Distributions Subordonnées »
signifie qu’au paiement visé au point (xii) de l’Ordre
des Paiements Opérationnel ne pourra être effectué si
les conditions (cumulatives) suivantes ne sont pas
remplies :
(a)
no Event of Default has occurred and is
continuing;
(a)
aucun Cas d’Exigibilité Anticipée n'est
survenu et ne perdure ;
(b)
the balance of the A Bonds Debt Service
Reserve Account meets the required balance
of the A Bonds Debt Service Reserve
Account;
(b)
le solde du Compte de Réserve du Service de
la Dette des Obligations A satisfait le solde
requis du Compte de Réserve du Service de
la Dette des Obligations A ;
(c)
the balance of the A2 Bonds Redemption
of the A2 Bonds Redemption Reserve
Account;
(c)
le solde du Compte de Réserve pour
l’Amortissement des Obligations A2 satisfait
le solde requis du Compte de Réserve pour
l’Amortissement des Obligations A2 ;
(d)
the balance of the Major Maintenance
of the Major Maintenance Reserve Account;
(d)
le solde du Compte de Réserve de Gros
Entretien satisfait le solde requis du Compte
de Réserve de Gros Entretien ;
(e)
on the relevant calculation date immediately
preceding such transfer, the Historic ADSCR
is not less than 1.20 and the BLCR
(calculated on the basis that the contemplated
payment in item 12 of the Operating Account
Waterfall had been made) is not less than
1.25x; and
(e)
à la date de calcul concernée précédant
immédiatement ledit transfert, l'ADSCR
Historique n'est pas inférieur à 1,20 et le
BLCR (établi en estimant que le paiement
prévu au point 12 l’Ordre des Paiements
Compte Opérationnel ait été effectué) n’est
pas inférieur à 1,25x ; et
(f)
on the relevant calculation date immediately
preceding such transfer, the Forward ADSCR
is not less than 1.20.
(f)
à la date de calcul concernée précédant
immédiatement ledit transfert, l'ADSCR
Futur n'est pas inférieur à 1,20.
“Subordinated Payments Account” means the bank
account opened for the purpose of covering all
payments to SAPN Tranche 2 and the Shareholders.
« Compte de Paiements Subordonnés » désigne le
compte bancaire ouvert aux fins de couvrir tous les
paiements qui devront être effectués au titre de la Dette
SAPN Tranche 2 et aux Actionnaires.
The Issuer shall receive payments from the Operating
Account in accordance with the Subordinated
Distributions Conditions, and make payments or
transfers in accordance with the Subordinated Waterfall
and the conditions for a Permitted Junior Distribution.
L’Emetteur devra recevoir les paiements à partir du
Compte Opérationnel conformément aux Conditions de
Distributions Subordonnées, et effectuer des paiements
ou virements conformément à l’Ordre des Paiements
Subordonnés et aux conditions pour les Distributions
Junior Autorisées.
“Subordinated Payments Securities Account” means
the securities account opened for the purpose of
credit of the Subordinated Payment Account has been
invested pending allocation.
« Compte Titres de Paiements Subordonnés »
désigne le compte titres financiers ouvert aux fins
d’inscrire les titres financiers acquis au moyen des
disponibilités figurant au crédit du Compte de
Paiements Subordonnés dans l’attente de leur
utilisation.
“Subordinated Waterfall” has the meaning ascribed
to such term in Article 5 of the Intercreditor
Agreement.
« Ordre des Paiements Subordonnés » a le sens
donné à ce terme à l’article 5 de l’Accord
Intercréanciers.
“Subsidiary” means, in respect of a company, such
other company controlled by it, directly or indirectly,
as provided for in article L.233-3 of the French Code
« Filiale » désigne, au titre d'une société, une société
contrôlée par elle, directement ou indirectement, tel que
148
de commerce.
prévu dans l'article L.233-3 du Code de commerce.
“Technical Advisor” means Capita, Arup, SETEC,
Mott MacDonald and Atkins or any other reputable
entity with a track record in rendering advice in the
field of technical advisory selected by the Issuer and
accepted by the A Bondholders on a Negative
Approval basis.
« Conseiller Technique » désigne Capita, Arup,
SETEC, Mott MacDonald et Atkins ou toute autre
entité réputée ayant un historique dans le domaine de la
consultation en matière technique choisie par
l'Émetteur et acceptée par les Obligataires A sur une
base d'Approbation Négative.
In addition, the A Bondholders’ Representatives shall,
following the instruction of A Bondholders holding
25% or more of the Principal Outstanding Amount of
the A Bonds, send a written notice to the Issuer
requiring it to replace the Technical Advisor, if the
Technical Advisor is not performing its role to the
standard it is required to observe under the Finance
Documents. Following such notice the Issuer shall
respond as soon as reasonably practicable confirming
either: (a) the steps that it is taking to ensure that the
Technical Advisor meets the standard of performance
reasonably expected of it by the A Bondholders’
Representatives; or (b) the steps that it shall take to
replace the Technical Advisor with a person
demonstrably capable of performing such role and
which is of international repute and with similar
experience in transactions and projects of a similar
nature to the Project.
En outre, les Représentants des Masses des
Obligataires A devront, conformément aux instructions
des Obligataires A détenant 25 % au plus du Montant
en Principal Restant Dû des Obligations A, adresser
une notification écrite à l’Émetteur exigeant le
remplacement du Conseiller Technique, si ledit
Conseiller Technique manque à son rôle tel que défini
dans les Documents de Financement. À l’issue d’une
telle notification l’Émetteur devra formuler une
réponse dès que raisonnablement possible confirmant
ce qui suit : (a) les démarches entreprises afin de
garantir le respect par le Conseiller Technique du
niveau de performance raisonnablement attendu de lui
par les Représentants des Masses des Obligataires A ;
ou (b) les démarches entreprises afin de remplacer le
Conseiller Technique par une personne manifestement
apte à assumer ledit rôle et qui serait
internationalement réputée et bénéficiant d’une
expérience similaire en opérations et projets de nature
similaire à celle du Projet.
“Termination Tripartite Agreement” means the
agreement dated 12 November 2001 (and which
entered into force on 2 December 2001) and made
between the Grantor, the relevant French Local
Authorities and the Issuer.
« Convention Tripartite de Résiliation » désigne la
convention datée du 12 novembre 2001 (et qui est
entrée en vigueur le 2 décembre 2001) conclue entre le
Concédant, les Autorités locales françaises concernées
et l'Émetteur.
“Terms and Conditions” means the Terms and
Conditions of the A1 Bonds, and/or the Terms and
Conditions of the A2 Bonds, as the case may be.
« Termes et Conditions » désigne les Termes et
Conditions des Obligations A1 et/ou les Termes et
Conditions des Obligations A2, selon le cas.
“Terms and Conditions of the A1 Bonds” means the
terms and conditions of the A1 Bonds as set out in the
schedule 1 of the A Bonds Subscription Agreement.
« Termes et Conditions des Obligations A1 » désigne
les termes et conditions des Obligations A1, tel que
figurant en annexe 1 du Contrat de Souscription des
Obligations A.
“Terms and Conditions of the A2 Bonds” means the
terms and conditions of the A2 Bonds as set out in the
schedule 2 of the A Bonds Subscription Agreement.
« Termes et Conditions des Obligations A2 » désigne
les termes et conditions des Obligations A1, tel que
figurant en annexe 2 du Contrat de Souscription des
Obligations A.
“Toll Sharing Collection Agreement” means the
agreement entered into between ASF, COFIROUTE
and the Issuer on 24 October 2005.
« Contrat de Collecte de Partage de Péages » désigne
la convention conclue entre ASF, COFIROUTE et
l’Emetteur le 24 octobre 2005.
“Transaction Documents” means any of the Project
Documents and the Finance Documents.
« Documents de l’Opération » désigne les Documents
du Projet et les Documents de Financement.
“Transaction Security Interests” means the Security
created (or to be created) pursuant to the Transaction
Security Documents.
« Sûretés de l’Opération » désigne les Sûretés créées
(ou devant être créées) au titre des Documents de
Sûretés de l’Opération.
“Transaction Security Documents” means the Shared
Security Documents and the A2 Bonds Security
Documents.
« Documents de Sûretés de l’Opération » désigne les
Documents de Sûretés Partagées et les Documents de
Sûretés Obligations A2.
“Traffic Expert” means Steer Davies Gleave,
LeighFisher, H Fox Associates, and Mott MacDonald
or any other reputable entity with a track record in
rendering advice in the field of traffic analysis selected
by the Issuer and accepted by the A Bondholders on a
« Expert Trafic » désigne Steer Davies Gleave,
LeighFisher, H Fox Associates et Mott MacDonald ou
toute autre entité réputée ayant un historique dans le
domaine de la consultation en matière d’analyse de
traffic choisie par l'Émetteur et acceptée par les
149
Negative Approval basis.
Obligataires sur une base d'Approbation Négative
“Updated Base Case Financial Outputs” has the
meaning ascribed in Condition 4.9 (“Updated Base
Case Financial Outputs”) of the Terms and Conditions
of the A1 Bonds and of the A2 Bonds.
« Actualisation des Extraits Financiers du Scénario
de Base » revêt le sens conféré dans la Condition 4.9
(« Actualisation des Extraits Financiers du Scénario de
Base ») des Termes et Conditions des Obligations A1
et des Obligations A2.
“Waterfall” means, as applicable, the Operating
Account Waterfall or the Subordinated Waterfall.
« Ordre des Paiements » désigne, selon le cas, l’Ordre
des Paiements Compte Opérationnel ou l’Ordre des
Paiements Subordonnés.
150
GENERAL INFORMATION
Authorisation
1.
The issuance of the A Bonds has been authorised pursuant to a resolution of the Conseil
d’administration (Board of Directors) of the Issuer adopted on 27 July 2016 and a decision of the
Président - Directeur Général of the Issuer dated 28 July 2016.
Approval, Admission to trading and Listing
2.
For the sole purpose of the admission to trading of the A1 Bonds on Alternext, this Information
Memorandum has been submitted to Euronext Paris.
Clearing Systems
3.
The A1 Bonds have been accepted for clearance through Euroclear France (155, rue Réaumur, 75081
Paris Cedex 02, France), Clearstream, (Luxembourg, 42, avenue John Fitzgerald Kennedy, L-1855
Luxembourg, Grand-Duchy of Luxembourg) and Euroclear (1, boulevard du Roi Albert II, 1210
Bruxelles, Belgium) The ISIN and Common Code of the A1 Bonds are FR0013195633 and
146332005 respectively.
No material adverse change and no significant change
4.
There has been no material adverse change in the prospects of the Issuer and there has been no
significant change in the financial or trading position of the Issuer since 31 December 2015.
Litigation
5.
The Issuer is not and has not been involved in any governmental, legal or arbitration proceedings
(including any such proceedings which are pending or threatened of which the Issuer is aware) in the
12 months preceding the date of this document which may have or have in such period had a
significant effect on the financial position or profitability of the Issuer.
Auditors
6.
Mazars is the statutory auditor of the Issuer. Mazars is registered as Commissaires aux Comptes
(member of the Compagnie Régionale des Commissaires aux Comptes de Versailles) and is regulated
by the Haut Conseil du Commissariat aux Comptes.
Documents Available
7.
For so long as the A Bonds are listed, copies of the following documents will be available for
inspection from the registered office of the Issuer and from the office of the Paying Agent:
(a)
the constitutional documents of the Issuer;
(b)
the future financial statements of the Issuer, including the audited annual financial statements;
and
(c)
copies of the following Transaction Documents:
- the Information Memorandum;
- the Intercreditor Agreement; and
- the Master Definitions Agreement.
Yield
9.
The yield of the A1 Bonds is 2.485 per cent. per annum, and is calculated at the issue date on the basis
of the issue price. It is not an indication of future yield.
151
Conflicts of interest
10.
Save for any fees payable to the Joint Arrangers and Bookrunners, as far as the Issuer is aware, no
person involved in the offer of the Bonds has an interest material to the issue of the Bonds.
Listing Expenses
11.
The estimated costs for the admission to trading are €17,500.
152
APPENDIX 1: FINANCIAL STATEMENTS
The financial statements appearing below are the English translation of the financial statements of the Issuer
for the years ended 31 December 2015 and 31 December 2014 as audited by its statutory auditor and free
English translations of its reports thereon appear on pages 167-168 and 183-184 of this Information
Memorandum.
I.
AUDITED FINANCIAL STATEMENTS OF THE ISSUER FOR THE YEAR ENDED 31
DECEMBER 2015
BALANCE SHEET AT 31 DECEMBER 2015
(In euros)
ASSETS
UNCALLED
SUBSCRIBED CAPITAL
Gross
Depreciation,
amortisation and
provisions
0
at 31/12/2015
at 31/12/2014
0
0
Uncalled subscribed capital
INTANGIBLE ASSETS
1 730 673
98 941
1 631 732
1 193 329
31 640
31 640
0
0
122 439
67 301
55 138
71 782
1 576 594
1 121 547
FIXED ASSETS OWNED
BY THE COMPANY
Patents and similar rights
Goodwill
Other intangible assets
FIXED ASSETS PLACED
IN CONCESSION
Intangible assets
Intangible assets in progress
1 576 594
Advances and down
payments
PROPERTY, PLANT AND
EQUIPMENT
961 555 931
126 898 745
834 657 186
839 397 847
157 961
148 559
9 402
10 025
961 397 970
126 750 186
834 647 784
839 387 822
FIXED ASSETS OWNED
BY THE COMPANY
Land
Buildings
Technical facilities,
equipment and tools
Other property, plant &
equipment
FIXED ASSETS PLACED
IN CONCESSION
Property, plant and equipment
153
ASSETS
Gross
Depreciation,
amortisation and
provisions
at 31/12/2015
at 31/12/2014
in progress
Advances and down
payments
FINANCIAL ASSETS
0
0
3 919
0
3 919
3 600
3 919
3 600
Equity interests
Receivables from equity
interests
Other investments
Loans
Other fixed assets
3 919
FIXED ASSETS
963 290 523
126 997 686
836 292 837
840 594 776
INVENTORIES AND
WORK IN PROGRESS
44 947
0
44 947
338 100
Goods & merchandise
44 947
44 947
52 201
0
0
285 899
Commodities and
consumables
ADVANCES AND DOWN
PAYMENTS
OPERATING
RECEIVABLES
1 549
0
1 549
18 303
12 973 876
0
12 973 876
12 815 648
Trade and related receivables
8 051 906
8 051 906
8 710 798
Other operating receivables
4 921 970
4 921 970
4 104 850
SUNDRY RECEIVABLES
53 093 160
0
53 093 160
10 977 535
CASH AND CASH
EQUIVALENTS
45 780 931
0
45 780 931
69 237 543
111 894 463
0
111 894 463
93 387 129
2 148 970
0
2 148 970
2 159 330
1 077 333 956
126 997 686
950 336 270
936 141 235
CURRENT ASSETS
Prepaid expenses
Deferred charges
Currency translation gains
GRAND TOTAL
154
LIABILITIES
at 31/12/2015
Share capital
at 31/12/2014
2 850 000
2 850 000
-164 609 549
-164 690 005
0
0
4 407 814
80 456
Investment subsidies
316 308 525
321 212 025
EQUITY
158 956 790
159 452 475
30 000
25 000
Provision for charges
90 352 429
89 780 535
RESERVES FOR CONTINGENCIES
90 382 429
89 805 535
538 810 928
534 851 975
1 996 951
2 172 144
Miscellaneous financial liabilities and debt
114 886 106
112 587 888
FINANCIAL LIABILITIES
655 693 985
649 612 007
0
8 438
OPERATING LIABILITIES
4 550 750
3 513 245
Trade and related payables
1 119 718
665 695
Tax and social security liabilities
2 859 586
2 251 328
Other operating liabilities
571 446
596 222
OTHER LIABILITIES
40 708 008
33 704 277
Payables to fixed asset suppliers
40 708 008
33 704 277
Non-operating tax liabilities
0
0
Other liabilities
0
0
45 258 758
37 217 522
0
0
44 309
45 257
0
0
950 336 270
936 141 235
Retained earnings
Profit to be appropriated
INCOME FOR THE PERIOD
Provision for contingencies
Other bonds
Bank borrowings
ADVANCES AND DOWN PAYMENTS RECEIVED
NON-FINANCIAL LIABILITIES
OVERDRAFTS
BORROWINGS
AND
SHORT-TERM
BANK
Prepaid income
Currency translation losses
GRAND TOTAL
155
INCOME STATEMENT AT 31 DECEMBER 2015
(In euros)
At 31/12/2015
Sale of goods
At 31/12/2014
221 685
239 745
Production sold
69 325 119
63 021 309
REVENUE
69 546 804
63 261 054
25 000
155 100
348 377
503 780
69 920 181
63 919 933
177 036
212 399
7 254
-4 705
22 485
59 960
285 899
55 897
13 558 920
13 073 887
13 867 304
13 189 744
7 083 810
6 534 249
7 083 810
6 534 249
0
0
15 462 737
14 994 222
297 964
9 054
15 760 700
15 003 276
61 835
38 870
TOTAL OPERATING EXPENSES
36 957 939
34 973 833
INCOME FROM OPERATING ACTIVITIES
32 962 241
28 946 100
478 804
490 784
Work in progress
Write-back of depreciation and provisions
Transfer of operating expenses
Other operating income
TOTAL OPERATING INCOME
Purchase of goods
Change in goods inventory
Purchases of raw materials and other consumables
Change in inventories
Other purchases and external expenses
Third-party consumption for the financial year
Taxes and similar payments on compensation
Other taxes
Taxes and similar payments
Wages and salaries
Social security expenses
Payroll costs
Depreciation and amortisation of fixed assets and deferred
charges
Provisions for fixed assets
Provisions for current assets
Provisions for contingencies
Depreciation, amortisation and provisions
Other operating expenses
Financial income from investments
Income from other investment securities and fixed asset
receivables
Other interest and similar income
156
At 31/12/2015
At 31/12/2014
Write-back of provisions
Foreign exchange gains
Net gain on sales of investment securities
Transfer of financial expenses
TOTAL FINANCIAL INCOME
478 804
490 784
Amortisation and provisions of financial assets
303 930
2 063 040
32 955 535
31 999 880
TOTAL FINANCIAL EXPENSES
33 259 465
34 062 920
NET FINANCIAL PROFIT/LOSS
-32 780 661
-33 572 137
181 581
-4 626 036
4 903 499
4 706 492
Interest and similar expenses
Foreign exchange losses
Net loss on sales of investment securities
PROFIT FROM CONTINUING OPERATIONS BEFORE
TAX
Share of subsidies to be recognised as income
Non-recurring income from capital transactions
300
Write-back of provisions and expense transfers
Transfer of non-recurring expenses
TOTAL NON-RECURRING INCOME
4 903 799
4 706 492
0
0
4 903 799
4 706 492
Non-recurring expenses on management transactions
Non-recurring expenses on capital transactions
Non-recurring depreciation and amortisation and provisions
TOTAL NON-RECURRING EXPENSES
NON-RECURRING INCOME
Employee profit-sharing
Income tax
677 566
INCOME
4 407 814
157
80 456
NOTES
1. Company activity
Continuing the trend seen in 2014, traffic volumes continued to rise markedly in 2015, for both Light Vehicles
and Heavy Goods Vehicles.
ADAT (Average Daily Annual Traffic) on the Rouen-Alençon A28 motorway was 8,139 vehicles/day, up 4.5%
compared with 2014, and can be broken down as follows:


+4.4% for Light Vehicles,
+5.5% for Heavy Goods Vehicles.
Company revenue, at €69.6 million, was up 9.9% due to an increase in traffic and the tariff increase
introduced on 1 February 2015 (+2.9% on average).
Toll revenue for the year was down 16% compared with original financial model forecasts (-18% in 2014).
The year 2015 also saw:




The end of the road reconstruction project which started in 2013 and ended in 2015 with the Gacé to
Alençon section;
The transfer of the management of ALIS subscribers to an external partner as part of the TIS Libert’t
protocol;
The continuation of the “EMV-MPA2/PCI-DSS” approach, launched at the national level by all
motorway companies and aimed at improving credit card transaction security;
The study of a refinancing opportunity.
2. Main events relating to the funding of expenditure
Senior debt (“A-Bonds”)
In accordance with the provisional timetable for financial documentation, a coupon payment for the first three
tranches of bonds was made on 27 July 2015, for a total inflation-adjusted amount of €23.342 million.
In accordance with financial documentation, the senior debt servicing reserve account had a balance of
€11.671 million at 31 December 2015, equivalent to half of the coupon paid in July 2015.
At the same time, a second payment of €42.0 million was made to this senior debt’s repayment account in
favour of ALIS FINANCE arl. thus bringing the balance of the Redemption Account to €52m.
As part of the currency refinancing transaction, expenses of €0.7 million were recognised for the 2015
financial year.
Mezzanine debt
Annual interest on the HBOS debt was capitalised at 27 July 2015, for a net amount of €3.1 million, in
accordance with the terms and conditions of the financing agreements.
An expense relating to the interest rate swap associated with the HBOS debt was also accounted for during the
financial year, for a total of €1 million.
Capital Expenditure Reserve Account
According to the terms and conditions of the financial documentation, the Company establishes reserve
accounts to cover future major maintenance expenditure and at end-2015, the Company had:
158


€1.791 million to cover future carriageway expenses
€6.960 million for toll equipment.
Contributions from public bodies
At end-2015, the amount of public subsidies remained unchanged at €354.7 million and corresponded to calls
for capital presented and received.
3. Accounting rules and methods
The accounts were prepared in accordance with accounting provisions in force, applicable in France.
a) Changes in method
There were no changes to the accounting method during the 2015 financial year.
b) Intangible assets
Intangible assets mainly represent software depreciated over one year.
c) Property, plant and equipment
Nearly all non-current assets recorded on the company’s balance sheet represent concessions, most of which
will be returned to the French government at no charge when the concession expires.
Property, plant and equipment owned by the company
i.
Property, plant and equipment recorded on the balance sheet, depreciated over three to five years, mainly
represent IT and office equipment.
Property, plant and equipment held under concessions
ii.
The concession covers all land, structures and facilities necessary for the construction, operation and
maintenance of the motorway and ancillary facilities, including links to existing roads, outbuildings and
ancillary facilities directly needed to serve motorists or created to improve operations.
Movable or immovable property provided by the French government, acquired or created by the concession
holder, represent returnable assets, assets with a buyback option and own assets:



Returnable assets include land, buildings, structures, facilities and movable objects required for the
operation of the concession. These assets belong to the awarding authority upon their completion,
acquisition or availability. At the end of the concession, these assets must be returned free of charge to
the awarding authority.
Assets with a buyback option are assets that can be recovered at the end of the concession by the
awarding authority, in return for compensation.
Own assets include assets which are neither returnable assets nor assets with a buyback option.
It was decided, by mutual agreement between the French government and ALIS, that an inventory would be
established jointly between the awarding authority and the company, to classify the assets in the three abovementioned categories.
Fixed assets held under concessions are recognised on the balance sheet at historical cost, including:





iii.
The amounts paid to the EIG Constructeurs A28,
Financial expenses (including bonuses paid to monoline insurance company FSA),
Study expenses,
The company’s attributable overheads, incurred prior to the opening of the motorway,
Commissions and fees paid to banks and other advisors.
Depreciation of property, plant and equipment held under concessions
159
The depreciation of fixed assets placed in concession are calculated by applying to the motorway’s book value
the difference between the volume of traffic observed for the year in question and the estimated total volume
of traffic for the full duration of the concession. This depreciation charge is not designed to record a technical
depreciation but to return its net book value to zero when the concession expires, i.e., in December 2067.
Renewable fixed assets, that have a shorter useful life than the concession, are subject to depreciation and
amortisation on a straight-line basis over an estimated useful life of ten years.
Financing costs are depreciated on a straight-line basis over the life of each debt.
Notwithstanding the notice issued by the CNC (French accounting regulations council) on 11 October 1988
relating to the chart of accounts for motorway companies, and to provide better understanding to the financial
community, the depreciation of assets held under concessions and depreciation and amortisation are presented
together on the income statement and balance sheet.
In the income statement, they are recognised as an operating expense, while on the balance sheet they are
deducted from the corresponding assets.
d) Inventories
Inventories are valued at cost.
e) Trade and other operating receivables
Receivables are valued at their nominal value. When it is uncertain whether these amounts can be collected, a
provision for impairment is made.
f) Investment subsidies
Investments relating to the construction of the motorway are eligible for the payment of subsidies, which are
recognised in equity and transferred to income as the associated assets held under concession are depreciated
according to traffic volume.
g) Reserves for contingencies
i.
Provision for replacement
The amount of this provision, set aside for the renewal of renewable fixed assets held under concessions, is the
difference between the asset’s acquisition cost and its replacement cost; with the latter estimated based on the
initial cost of the asset and inflation-adjusted over its useful life.
The provision is written back over the new investment’s depreciation period.
In return, the extra cost of this new investment compared with the previous fixed asset is added to the basis of
depreciation and is therefore spread over the residual duration of the concession.
ii.
Provision for inflation
The provision for inflation, which corresponds to the reimbursement plus the principal amount of the senior
debt, is updated each year according to the change in the consumer price index provided for in the financing
contract.
iii.
Provisions for contingencies are set aside to cover any disputes with residents bordering the A28 and are
updated either according to any changes in the cases with the competent courts, or to the estimate of any
compensation that the company may have to pay.
iv.
160
Provisions for charges are intended to cover expenditure that must be borne subsequently and which is
generated by events during the financial year.
h) Borrowings
Borrowing costs are amortised on a straight-line basis over the life of the corresponding debt.
i)
Consolidation
The accounts of AUTOROUTE DE LIAISON SEINE SARTHE are consolidated using the equity method in
the accounts of Bouygues Construction, a French public limited company (SA) with a share capital of
€127,967,250, 1 avenue Eugène Freyssinet, Guyancourt, 78,065 Saint Quentin en Yvelines.
4. Fixed assets
FIXED ASSETS (in €
thousands)
Intangible assets
Movements during the financial year
Increase
Decrease
At 1 January
2015
At 31 December
2015
1,267
464
0
1,731
32
0
0
32
1,235
464
0
1,699
114
8
122
1,121
456
1,577
950,860
10,698
2
961,556
158
2
2
158
Fixed assets held under
concessions
950,702
10,696
0
961,398
o.w.in service
950,702
10,696
Fixed assets owned by the
company
concessions
o.w.in service
o.w. under construction
Property, plant and
equipment
company
961,398
0
Financial assets
4
0
0
4
952,131
11,162
2
963,291
Total fixed assets
AMORTISATION AND
DEPRECIATION (in €
thousands)
Intangible assets
0
Increase
Decrease
At 1 January
2015
At 31 December
2015
75
24
0
99
company
32
0
0
32
concessions
43
24
0
67
111,462
15,439
2
126,899
147
4
2
149
Property,
equipment
plant
and
company
161
concessions
Depreciation of assets held
under concessions
Amortisation of financial
expenses
Depreciation of renewable
assets
Total amortisation
depreciation
and
111,315
15,435
0
84,415
12,630
97,045
19,750
2,155
21,905
7,150
650
7,800
111,537
15,463
2
126,750
126,998
5. Inventories and work in progress
An amount of €44,900 was recognised at 31 December 2015 following the inventory of unsold fuel at the
emergency fuel stop at the Domaine d’Harcourt service area.
6. Trade and other operating receivables
Receivables recognised as current assets break down as follows:
- Trade and related receivables:
€8,051,900 due within one year
- Provision for the depreciation of receivables:
€0
- Other operating receivables (state, VAT):
€4,922,000 of which €644,300 due within one year
7. Sundry receivables
- Sundry debtors (ALIS FINANCE):
€52,000,000
- Other sundry debtors:
€553,100 due within one year
- Insurance refunds receivable:
€539,900 due within one year
8. Cash
Cash stood at €45,780,900 and broke down as follows:
- Cash and cash equivalents:
€45,763,100
- Accrued interest receivable:
€17,800
9. Investment subsidies
At 31 December 2015, subsidies received totalled €354,675,900.
Subsidies received to partially finance fixed assets placed in concession are subject to a calculation of the
share relating to the financial year of €4,903,800, calculated in the same way as the depreciation of assets held
under concessions and are recognised as income for the period, to return the net book value of these subsidies
to zero when the concession expires.
10. Reserves for contingencies
i.
At end-2015, an allocation of €304,000 was recognised, taking the provision for inflation, relating to the
senior convertible bond, to €89,144,000.
This provision was calculated using the consumer price index for October 2015.
162
ii.
Reserves for contingencies
At end-2015, an allocation of €36,200 was recognised, taking the provision for the extra cost of the renewal of
fixed assets placed in concession to €977,100.
This provision was calculated using the consumer price index for December 2015.
The provision of €25,000 which was maintained at end-December 2014 was written-back at end-December
2015, as the dispute was not taken to court by the resident.
Provisions of €30,000 were made at 31 December 2015 relating to another dispute with a resident following a
claim lodged with the Caen Administrative Court and an order for expert opinion.
A provision of €205,000 was also made following an estimate of land stabilisation work.
11. Prepaid expenses
- Insurance:
- State fee:
- Assured Guaranty:
- Archiving:
- Other:
€73,400
€1,242,700
€657,100
€107,800
€68,000
-----------------Total: €2,149,000 (of which €2,016,700 due within one year)
12. Equity
The current holding of the company’s share capital of €2,850,000, divided into 5,700,000 shares with a
nominal value of €0.50 each, is as follows:
%
Amount (in euros)
BOUYGUES Travaux Publics
10.00%
285,000.00
DIOMEDEA COOPERATIEF
23.17%
660,345.00
EGIS
8.00%
228,000.00
SAPN
8.00%
228,000.00
IXIS Infra
26.00%
741,000.00
ABERDEEN INFRA N°2 LLP
13.16%
375,060.00
SANEF
11.67%
332,595.00
100.00%
2,850,000.00
Total share capital
163
Shareholders’ equity changed as follows during the financial year (data in € thousands):
31/12/2014
Share capital
Retained
earnings
Income for the
period
Appropriation
of 2014
income
Capital
increase
2015 income
Subsidies
31/12/2015
2,850
2,850
-164,690
80
80
-80
Subsidies
321,212
Total
shareholders’
equity
159,452
0
-164,610
4,408
0
4,408
4,408
-4,903
316,309
-4,903
158,957
13. Financial liabilities
Financial liabilities break down as follows (in € thousands):
Due within one year
Due beyond one year
Total
Shareholder advances
70,888
70,888
Interest on shareholder advances
43,969
43,969
1,782
1,966
CNCE Picardie debt
184
CNCE Picardie debt interest payments
31
Draw-down on senior debt and mezzanine
debt
31
498,000
Interest on senior bonds
10,019
Interest on HBOS mezzanine debt
10,019
30,792
Security deposits received
29
Total financial debt
10,263
164
498,000
30,792
29
645,431
655,694
14. Non-financial liabilities
Non-financial liabilities break down as follows (in € thousands):
Under one year
Between one and five
years
Total
Beyond five years
Trade and related
payables
1,120
1,120
Tax and social security
liabilities
2,860
2,860
o.w. VAT
1,825
1,825
o.w. other taxes
1,035
1,035
Other operating
liabilities
571
571
Total operating
liabilities
Fixed asset liabilities
Total non-financial
debt
4,551
0
0
4,551
264
20,154
20,290
40,708
4,815
20,154
20,290
45,259
15. Revenue
Revenue before taxes from toll transactions totalled:
€68,283,500
Fuel revenue before taxes totalled:
€221,700
Other revenue:
€1,041,600
Total revenue:
€69,546,800
16. Non-recurring income
Inclusion of the share of investment subsidies in income for the financial year, for a total of €4,903,800.
17. Personnel
ALIS has no personnel of its own.
Its operation is ensured by services invoiced by its shareholders.
18. Off-balance sheet commitments
a) Commitments given
ALIS has subscribed to two private sector indexed bond issues for €460.5 million (“A Bonds”) and €37.5
million (“B bonds”), with the ALIS Finance issuer (no common shareholders, officers or directors with ALIS),
the sole purpose of which is the financing of ALIS.
The private issue was backed by a public issue of inflation-linked bonds AAA/Aaa wrapped by Assured
Guaranty (formerly FSA).
The Assured Guaranty guarantee is issued irrevocably and unconditionally to investors holding shares in bond
funds.
165
The mezzanine debt is subject to an amortising interest rate swap contract signed with Alis Finance. The table
below includes the main characteristics of the swap contract:
In millions of euros
Bank
Notional
amount upon
subscription
Bank of
Scotland
37.5
Notional
amount at
31/12/2015
27.3
Start date
13/07/2005
Maturity date
25/07/2019
Borrowing
rate
3.7675%
Valuation of
unrealized
share at
31.12.2015
3,319,714.86
b) Commitments received
-
As part of the road reconstruction project, a performance contract was signed on 19 July 2013 between
ALIS, the Owner and the Contractor.
In order to guarantee the perfect completion of the Work and the payment of penalties set out in the
Contract, ALIS received a joint guarantee limited to €1,155,342.67. Said Contract Amount is updated and
revised according to the provisions of article 9 of the Contract.
The Guarantee will automatically expire at the end of a one-year period following its effective date, i.e. 10
July 2016. After this deadline, no requests to activate the Guarantee will be taken into account by the
Guarantor.
-
As part of the transfer of the management of ALIS subscribers (TIS Libert’t), a contract was signed with
an external partner (the “Service provider”) on 9 February 2015 who will be responsible for collection of
toll transactions on behalf of ALIS and other motorway concession companies.
To guarantee payment, ALIS received a first-documentary demand guarantee of €2,707,800.00. This
guarantee is renewed annually in accordance with the provisions of article 12 of the contract.
19. Post-closing events
None.
20. Related-party transactions
The company did not note any related party transactions of significant importance and that were not concluded
under normal market conditions.
21. Contributions from pubic bodies relating to the concession agreement
At end-December 2009, €354.7 million in calls for capital relating to various public-body contributions were
presented. This amount had been received in full at 31 December 2015 (see paragraph 9 above).
22. Compensation of Statutory Auditors
Fees paid for the statutory audit of the financial statement for the year ended 31 December 2015 amounted to
€30,600 before taxes.
23. Executive compensation
The total amount of direct and indirect compensation of all kinds, received from French and foreign
companies by management (Chief Executive Officer) for the 2015 financial year was €59,600 (including
social charges and provisions).
No directors’ fees were allocated to Directors or non-voting members during the 2015 financial year.
166
STATUTORY AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS (For the year ended 31
December 2015)
This is a free translation into English of the statutory auditors’ report on the financial statements issued in
French and it is provided solely for the convenience of English-speaking users.
The statutory auditors' report includes information specifically required by French law in such reports,
whether modified or not. This information is presented below the audit opinion on the financial statements and
includes an explanatory paragraph discussing the auditors’ assessments of certain significant accounting and
auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the
financial statements taken as a whole and not to provide separate assurance on individual account balances,
transactions or disclosures.
This report also includes information relating to the specific verification of information given in the
management report and in the documents addressed to the shareholders.
This report should be read in conjunction with and construed in accordance with French law and professional
auditing standards applicable in France.
“To the Shareholders
In compliance with the assignment entrusted to us by your general meeting, we hereby report to you, for the
year ended December 31, 2015, on:



the audit of the accompanying financial statements of Autoroute de Liaison Seine-Sarthe;
the justification of our assessments;
the specific verifications and information required by law.
These financial statements have been approved by the board of directors. Our role is to express an opinion on
these financial statements based on our audit.
I.
Opinion on the financial statements
We conducted our audit in accordance with professional standards applicable in France; those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit involves performing procedures, using sampling
techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in the
financial statements. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made, as well as the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the
financial position of the Company as at December 31, 2015 and of the results of its operations for the year
then ended in accordance with French accounting principles.
II.
Justification of our assessments
In accordance with the requirements of article L. 823-9 of the French Commercial Code (code de commerce)
relating to the justification of our assessments, we bring to your attention the following matters:


Note 3.c.iii of the financial statements describes the amortization method of tangible assets held under
concession ;
The provision for inflation has been valued in accordance with the accounting policies described in
note 3.g.ii to the financial statements.
167
These assessments were made as part of our audit of the financial statements taken as a whole, and therefore
contributed to the opinion we formed which is expressed in the first part of this report.
III.
Specific verifications and information
We have also performed, in accordance with professional standards applicable in France, the specific
verifications required by French law.
We have no matters to report as to the fair presentation and the consistency with the financial statements of
the information given in the management report of the board of directors and in the documents addressed to
the shareholders with respect to the financial position and the financial statements.
Courbevoie, on April 25, 2016
The statutory auditor
French original signed by
Mazars
Olivier THIREAU”
168
II.
AUDITED FINANCIAL STATEMENTS OF THE ISSUER FOR THE YEAR ENDED 31
DECEMBER 2014
BALANCE SHEET AT 31 DECEMBER 2014
(In euros)
ASSETS
UNCALLED
SUBSCRIBED CAPITAL
Gross
Depreciation,
amortisation and
provisions
at 31/12/2014
0
at 31/12/2013
0
0
Uncalled subscribed capital
INTANGIBLE ASSETS
1 267 677
74 348
1 193 329
832 969
31 640
31 640
0
2 959
114 489
42 708
71 781
FIXED ASSETS OWNED
BY THE COMPANY
Patents and similar rights
Goodwill
Other intangible assets
FIXED ASSETS PLACED
IN CONCESSION
Intangible assets
Intangible assets in progress
1 121 548
1 121 548
830 010
Advances and down
payments
PROPERTY, PLANT AND
EQUIPMENT
950 859 949
111 462 102
839 397 847
842 762 022
157 302
147 277
10 025
14 939
950 702 647
111 314 825
839 387 822
842 747 083
3 600
0
3 600
3 600
FIXED ASSETS OWNED
BY THE COMPANY
Land
Buildings
Technical facilities,
equipment and tools
Other property, plant &
equipment
FIXED ASSETS PLACED
IN CONCESSION
in progress
Advances and down
payments
FINANCIAL ASSETS
Equity interests
169
ASSETS
Gross
Depreciation,
amortisation and
provisions
at 31/12/2014
at 31/12/2013
Receivables from equity
interests
Other investments
Loans
Other fixed assets
3 600
FIXED ASSETS
952 131 226
338 100
INVENTORIES AND
WORK IN PROGRESS
Goods & merchandise
Commodities and
consumables
ADVANCES AND DOWN
PAYMENTS
OPERATING
RECEIVABLES
3 600
3 600
111 536 450
840 594 776
843 598 591
0
338 100
389 292
52 201
52 201
47 496
285 899
285 899
341 796
18 303
0
18 303
18 582
12 815 648
0
12 815 648
11 477 360
Trade and related receivables
8 710 798
8 710 798
7 083 212
Other operating receivables
4 104 850
4 104 850
4 394 148
SUNDRY RECEIVABLES
10 977 535
0
10 977 535
10 560 193
CASH AND CASH
EQUIVALENTS
69 237 543
0
69 237 543
61 870 469
CURRENT ASSETS
93 387 129
0
93 387 129
84 315 896
2 159 330
0
2 159 330
2 447 313
1 047 677 685
111 536 450
936 141 235
930 361 800
Prepaid expenses
Deferred charges
Currency translation gains
GRAND TOTAL
LIABILITIES
at 31/12/2014
Share capital
Retained earnings
Profit to be appropriated
at 31/12/2013
2 850 000
2 850 000
-164 690 005
-152 826 467
0
INCOME FOR THE PERIOD
80 456
-11 863 538
321 212 024
325 918 516
EQUITY
159 452 475
164 078 511
25 000
89 780 535
87 888 541
RESERVES FOR CONTINGENCIES
89 805 535
87 888 541
170
LIABILITIES
at 31/12/2014
Other bonds
at 31/12/2013
534 851 975
530 928 337
2 172 144
2 335 612
Miscellaneous financial liabilities and debt
112 587 888
109 565 441
FINANCIAL LIABILITIES
649 612 007
642 829 390
8 439
8 271
3 513 245
2 614 206
665 695
591 150
2 251 328
1 504 935
Other operating liabilities
596 222
518 121
OTHER LIABILITIES
33 704 277
32 940 770
Payables to fixed asset suppliers
33 704 277
32 940 770
37 217 522
35 554 976
0
0
45 257
2 111
0
0
936 141 235
930 361 800
Bank borrowings
ADVANCES AND DOWN PAYMENTS RECEIVED
OPERATING LIABILITIES
Trade and related payables
Tax and social security liabilities
Non-operating tax liabilities
Other liabilities
NON-FINANCIAL LIABILITIES
OVERDRAFTS
BORROWINGS
AND
SHORT-TERM
BANK
Prepaid income
Currency translation losses
GRAND TOTAL
INCOME STATEMENT AT 31 DECEMBER 2014
(In euros)
At 31/12/2014
Sale of goods
At 31/12/2013
239 745
105 587
Production sold
63 021 309
57 833 035
REVENUE
63 261 054
57 938 622
155 100
32 250
503 779
251 562
63 919 933
58 222 434
212 399
103 535
-4 705
-12 020
Purchases of raw materials and other consumables
59 960
206 723
Change in inventories
55 897
-33 166
Work in progress
Write-back of depreciation and provisions
Transfer of operating expenses
Other operating income
TOTAL OPERATING INCOME
Purchase of goods
Change in goods inventory
171
At 31/12/2014
Other purchases and external expenses
At 31/12/2013
13 073 887
13 695 143
13 189 744
13 868 700
6 534 249
6 630 466
6 534 249
6 630 466
0
0
14 994 222
14 323 564
9 054
134 068
15 003 276
14 457 632
38 870
26 899
TOTAL OPERATING EXPENSES
34 973 833
35 075 212
INCOME FROM OPERATING ACTIVITIES
28 946 100
23 147 222
490 784
420 412
Third-party consumption for the financial year
Taxes and similar payments on compensation
Other taxes
Taxes and similar payments
Wages and salaries
Social security expenses
Payroll costs
Depreciation and amortisation of fixed assets and deferred
charges
Provisions for fixed assets
Provisions for current assets
Provisions for contingencies
Depreciation, amortisation and provisions
Other operating expenses
Financial income from investments
Income from other investment securities and fixed asset
receivables
Other interest and similar income
Write-back of provisions
Foreign exchange gains
9
Net gain on sales of investment securities
Transfer of financial expenses
TOTAL FINANCIAL INCOME
Amortisation and provisions of financial assets
Interest and similar expenses
490 784
420 421
2 063 040
2 781 420
31 999 880
36 982 655
Foreign exchange losses
442
Net loss on sales of investment securities
TOTAL FINANCIAL EXPENSES
34 062 920
39 764 517
NET FINANCIAL PROFIT/LOSS
-33 572 136
-39 344 096
-4 626 036
-16 196 874
4 706 492
4 538 075
PROFIT FROM CONTINUING OPERATIONS BEFORE
TAX
Share of subsidies to be recognised as income
172
At 31/12/2014
At 31/12/2013
Non-recurring income from capital transactions
Write-back of provisions and expense transfers
Transfer of non-recurring expenses
TOTAL NON-RECURRING INCOME
4 706 492
4 538 075
0
0
4 706 492
4 538 075
Non-recurring expenses on management transactions
Non-recurring expenses on capital transactions
Non-recurring depreciation and amortisation and provisions
TOTAL NON-RECURRING EXPENSES
NON-RECURRING INCOME
Employee profit-sharing
Income tax
204 739
INCOME
80 456
-11 863 538
NOTES
1.
Company activity
After two years of decline, 2014 saw a marked recovery in traffic levels, in particular Heavy Goods Vehicles
(HGV).
ADAT (Average Daily Annual Traffic) on the Rouen-Alençon A28 motorway was 7,812 vehicles/day, up
2.2% compared with 2013, and can be broken down as follows:
 +1.7% for Light Vehicles,
 +4.6% for Heavy Goods Vehicles.
Company revenue, at €63.3 million, was up 9.1% due to an increase in traffic and the tariff increase
introduced on 1 February 2014 (3% on average).
Toll revenue for the year was down 18% compared with original financial model forecasts (-20% in 2013).
The year 2014 also saw:







The second road reconstruction project, between Bernay and Gacé;
An increase in VAT at 1 January 2014, leading to an increase in tariffs on certain sections of the
Rouen-Alençon A28 motorway;
The signing of an agreement with the government granting compensation for the increase in the
state fee;
The continuation of the “EMV-MPA2/PCI-DSS” approach, launched at the national level by all
motorway companies and aimed at improving credit card transaction security;
The reduction in the interest on the partner’s loan to the maximum deductible rate between 2014 and
2016.
173
2.
Main events relating to the funding of expenditure
Senior debt (“A-Bonds”)
In accordance with the provisional timetable for financial documentation, a coupon payment for the first three
tranches of bonds was made on 25 July 2014, for a total inflation-adjusted amount of €23.3 million.
The senior debt servicing reserve account, which had been partly used for this payment has, since this date,
been replenished by ALIS and had a balance of €34.9 million at 31 December 2014.
Mezzanine debt
Annual interest on the HBOS debt was capitalised at 25 July 2014, for a net amount of €2.9 million, in
accordance with the terms and conditions of the financing agreements.
An expense relating to the interest rate swap associated with the HBOS debt was also accounted for during the
financial year, for a total of €1 million.
Capital Expenditure Reserve Account
According to the terms and conditions of the financial documentation, the Company establishes reserve
accounts to cover future major maintenance expenditure. At end-2014, the Company had:
 €7.3 million to cover future carriageway expenses
 €5.7 million for toll equipment.
Contributions from public bodies
At end-2014, the amount of public subsidies remained unchanged at €354.7 million and corresponded to calls
for capital presented and received.
3.
Accounting rules and methods
The accounts were prepared in accordance with accounting provisions in force, applicable in France.
a)
Changes in method
There were no changes to the accounting method during the 2014 financial year.
b)
Intangible assets
Intangible assets mainly represent software amortised over one year.
c)
Nearly all non-current assets recorded on the company’s balance sheet represent concessions, most of
which will be returned to the French government at no charge when the concession expires.
i.
Property, plant and equipment owned by the company
Property, plant and equipment recorded on the balance sheet, depreciated over three to five years,
mainly represent IT and office equipment.
ii.
Property, plant and equipment held under concessions
174
The concession covers all land, structures and facilities necessary for the construction, operation and
maintenance of the motorway and ancillary facilities, including links to existing roads, outbuildings
and ancillary facilities directly needed to serve motorists or created to improve operations.
Movable or immovable property provided by the French government, acquired or created by the
concession holder, represent returnable assets, assets with a buyback option and own assets:

Returnable assets include land, buildings, structures, facilities and movable objects required for
the operation of the concession. These assets belong to the awarding authority upon their
completion, acquisition or availability. At the end of the concession, these assets must be
returned free of charge to the awarding authority.

Assets with a buyback option are assets that can be recovered at the end of the concession by
the awarding authority, in return for compensation.

Own assets include assets which are neither returnable assets nor assets with a buyback option.
It was decided, by mutual agreement between the French government and ALIS, that an inventory
would be established jointly between the awarding authority and the company, to classify the assets
in the three above-mentioned categories.
Fixed assets held under concessions are recognised on the balance sheet at historical cost, including:
 The amounts paid to the EIG Constructeurs A28,
 Financial expenses (included bonuses paid to monoline insurance company FSA),
 Study expenses,
 The company’s attributable overheads, incurred prior to the opening of the motorway,
 Commissions and fees paid to banks and other advisors.
iii.
Depreciation of property, plant and equipment held under concessions
The depreciation of fixed assets placed in concession are calculated by applying to the motorway’s
book value the difference between the volume of traffic observed for the year in question and the
estimated total volume of traffic for the full duration of the concession.
This depreciation charge is not designed to record a technical depreciation but to return its net book
value to zero when the concession expires, i.e., in December 2067.
Renewable fixed assets, that have a shorter useful life than the concession, are subject to
depreciation and amortisation on a straight-line basis over an estimated useful life of ten years.
Financing costs are depreciated on a straight-line basis over the life of each debt. Notwithstanding
the notice issued by the CNC (French accounting regulations council) on 11 October 1988 relating to
the chart of accounts for motorway companies, and to provide better understanding to the financial
community, the depreciation of assets held under concessions and depreciation and amortisation are
presented together on the income statement and balance sheet.
In the income statement, they are recognised as an operating expense, while on the balance sheet
they are deducted from the corresponding assets.
d)
Inventories
Inventories (spare parts related to operation, tags and fuel) are valued at cost.
e)
Trade and other operating receivables
Receivables are valued at their nominal value. When it is uncertain whether these amounts can be
collected, a provision for impairment is made.
175
f)
Investments relating to the construction of the motorway are eligible for the payment of subsidies, which
are recognised in equity and transferred to income as the associated assets held under concession are
depreciated according to traffic volume.
g)
i.
Provision for replacement
The amount of this provision, set aside for the renewal of renewable fixed assets held under
concessions, is the difference between the asset’s acquisition cost and its replacement cost; with the
latter estimated based on the initial cost of the asset and inflation-adjusted over its useful life.
The provision is written back over the new investment’s depreciation period.
In return, the extra cost of this new investment compared with the previous fixed asset is added to
the basis of depreciation and is therefore spread over the residual duration of the concession.
ii.
The provision for inflation, which corresponds to the reimbursement plus the principal amount of the
senior debt, is updated each year according to the change in the consumer price index provided for in
the financing contract.
iii.
Provisions for contingencies are set aside to cover any disputes with residents bordering the A28 and
are updated either according to any changes in the cases with the competent courts, or to the estimate
of any compensation that the company may have to pay.
h)
Borrowings
Borrowing costs are amortised on a straight-line basis over the life of the corresponding debt.
i)
Consolidation
The accounts of AUTOROUTE DE LIAISON SEINE SARTHE are consolidated using the equity
method in the accounts of Bouygues Construction, a French public limited company (SA) with a share
capital of €127,967,250, 1 avenue Eugène Freyssinet, Guyancourt, 78065 Saint Quentin en Yvelines.
176
4.
Fixed Assets
FIXED ASSETS (in €
thousands)
Intangible assets
At 31 December
2014
862
514
109
1,267
32
0
0
32
830
514
109
1,235
company
concessions
Increase
Decrease
At 1 January
2014
o.w.in service
114
114
830
400
109
1,121
939,275
11,585
0
950,860
158
0
0
158
concessions
939,117
11,585
0
950,702
o.w.in service
939,117
11,585
Property, plant and
equipment
company
950,702
0
Financial assets
4
0
0
4
940,141
12,099
109
952,131
Total fixed assets
AMORTISATION AND
DEPRECIATION (in €
thousands)
Intangible assets
0
Increase
Decrease
At 1 January
2014
At 31 December
2014
29
46
0
75
company
29
3
0
32
concessions
0
43
0
43
96,513
14,949
0
111,462
company
143
4
0
147
concessions
96,370
14,945
0
111,315
72,405
12,010
84,415
17,595
2,155
19,750
6,370
780
7,150
96,542
14,995
Property,
equipment
plant
and
Depreciation of assets held
under concessions
Amortisation of financial
expenses
Depreciation of renewable
assets
Total amortisation
depreciation
and
177
0
111,537
5.
Inventories and work in progress
An amount of €338,100 was recognised at 31 December 2014 following the inventory of spare parts
related to operation, non-activated tags and unsold fuel at the emergency fuel stop at the Domaine
d’Harcourt service area.
6.
Trade and other operating receivables
Receivables recognised as current assets break down as follows:
- Trade and related receivables: €8,710,800 due within one year
- Provision for the depreciation of receivables: €0
- Other operating receivables (state, VAT): €4,104,800 of which €731.2 due within one year
7.
Sundry receivables
-
8.
Sundry debtors (ALIS FINANCE): €10,000,000
Other sundry debtors: €462,800 due within one year
Insurance refunds receivable: €492,400 due within one year
Accrued interest receivable: €22,300 due within one year
Cash
Cash stood at €69,237,500 and is broken down as follows:
- Cash and cash equivalents €69,192,600
- Accrued interest receivable: €44,900
9.
At 31 December 2014, subsidies received totalled €354,675,900.
Subsidies received to partially finance fixed assets placed in concession are subject to a calculation of the
share relating to the financial year of €4,706,500, calculated in the same way as the depreciation of assets
held under concessions and are recognised as income for the period, to return the net book value of these
subsidies to zero when the concession expires.
10. Reserves for contingencies
i.
At end-2014, an allocation of €2,063,000 was recognised, taking the provision for inflation, relating
to the senior convertible bond, to €88,839,600.
This provision was calculated using the consumer price index for October 2014.
ii.
At end-2014, an allocation of €9,100 was recognised, taking the provision for the extra cost of the
renewal of fixed assets placed in concession to €940,900.
This provision was calculated using the consumer price index for November 2014.
iii.
Following the ruling of the Nantes Administrative Court of Appeal on 15 November 2013 in the
case involving ALIS and a resident bordering the A28 motorway in respect of a loss suffered due to
the construction of the A28 motorway, ALIS settled the amounts due in accordance with the ruling
and fully reversed the provision of €155,100 that had been previously recognised.
178
Following disturbance to the land belonging to a resident and pending the upcoming settlement of
the ongoing dispute, at end-2014 the company continued to recognise the provision of €25,000 that
was made at the end of 2013.
11. Prepaid expenses
-
Insurance:
State fee:
Assured Guaranty:
Other:
Total:
€89,800
€1,221,100
€702,100
€146,100
-----------------€2,159,300 (of which €2,048,800 due within one year)
12. Equity
The current holding of the company’s share capital of €2,850,000, divided into 5,700,000 shares with a
nominal value of €0.50 each, is as follows:
%
Amount (in euros)
BOUYGUES Travaux Publics
14.93%
425,434.00
DTP Terrassement
9.95%
283,575.00
QUILLE
8.29%
236,336.00
EGIS
8.00%
228,000.00
SAPN
8.00%
228,000.00
IXIS Infra
26.00%
741,000.00
ABERDEEN INFRA N°2 LLP
13.16%
375,060.00
SANEF
11.67%
332,595.00
100.00%
2,850,000.00
Total share capital
Shareholders’ equity changed as follows during the financial year (data in € thousands):
31/12/2013
Share capital
Retained
earnings
Income for the
period
Appropriation
of 2013
income
Capital
increase
2014 income
Subsidies
2,850
2,850
-152,827
-11,864
-11,864
11,864
Subsidies
325,919
Total
shareholders’
equity
164,078
31/12/2014
0
0
179
-164,691
80
80
80
-4,706
321,213
-4,706
159,452
13. Financial liabilities
Financial liabilities break down as follows (in € thousands):
Due within one year
Due beyond one year
Total
Shareholder advances
57,250
57,250
Interest on shareholder advances
55,198
55,198
1,966
2,139
CNCE Picardie debt
173
CNCE Picardie debt interest payments
33
33
Draw-down on senior debt and mezzanine
debt
498,000
Interest on senior bonds
498,000
10,114
10,114
Interest on HBOS mezzanine debt
26,738
Security deposits received
26,738
140
Total financial debt
140
10,460
639,152
649,612
14. Non-financial liabilities
Non-financial liabilities break down as follows (in € thousands):
Under one year
Trade and related
payables
Between one and five
years
Total
Beyond five years
666
666
Tax and social security
liabilities
2,251
2,251
o.w. VAT
1,858
1,858
o.w. other taxes
393
393
Other operating
liabilities
596
596
Total operating
liabilities
Fixed asset liabilities
Total non-financial
debt
3,513
0
0
3,513
425
16,594
16,685
33,704
3,938
16,594
16,685
37,217
15. Revenue
Revenue before taxes from toll transactions totalled:
Fuel revenue before taxes totalled:
Other revenue:
Total revenue:
€62,177,900
€239,700
€843,500
€63,261,100
16. Non-recurring income
Inclusion of the share of investment subsidies in income for the financial year, for a total of €4,706,500.
17. Personnel
180
ALIS has no personnel of its own.
Its operation is ensured by services invoiced by its shareholders.
18. Off-balance sheet commitments
a)
Commitments given
ALIS has subscribed to two private sector indexed bond issues for €460.5 million (“A Bonds”) and €37.5
million (“B bonds”), with the ALIS Finance issuer (no common shareholders, officers or directors with ALIS),
the sole purpose of which is the financing of ALIS.
The private issue was backed by a public issue of inflation-linked bonds AAA/Aaa wrapped by Assured
Guaranty (formerly FSA).
The Assured Guaranty guarantee is issued irrevocably and unconditionally to investors holding shares in bond
funds.
The mezzanine debt is subject to an amortising interest rate swap contract signed with Alis Finance. The table
below includes the main characteristics of the swap contract:
In millions of euros
Bank
Notional
amount upon
subscription
Bank of
Scotland
b)
37.5
Notional
amount at
31/12/2014
29.4
Start date
13/07/2005
Maturity date
25/07/2019
Borrowing
rate
3.7675%
Valuation of
unrealized
share at
31.12.2014
-4.1
Commitments received
As part of the road reconstruction project, a performance contract was signed on 19 July 2013 between ALIS,
the Owner and the Contractor.
In order to guarantee the perfect completion of the Work and the payment of penalties set out in the Contract,
ALIS received a joint guarantee limited to €4,504,582.35, which corresponded to 10% of the pre-tax Contract
amount. Said Contract Amount is updated and revised according to the provisions of article 9 of the Contract.
The Guarantee will automatically expire at the end of a one year period following its effective date, i.e. 25
July 2015. After this deadline, no requests to activate the Guarantee will be taken into account by the
Guarantor.
19. Post-closing events
None.
20. Related-party transactions
The company did not note any related party transactions of significant importance and that were not concluded
under normal market conditions.
21. Contributions from pubic bodies relating to the concession agreement
At end-December 2009, €354.7 million in calls for capital relating to various public-body contributions were
presented. This amount had been received in full at 31 December 2014 (see paragraph 9 above).
22. Compensation of Statutory Auditors
181
Fees paid for the statutory audit of the financial statement for the year ended 31 December 2014 amounted to
€30,600 before taxes.
23. Executive compensation
The total amount of direct and indirect compensation of all kinds, received from French and foreign
companies by management (Chief Executive Officer) was €77,400 (including social charges and provisions).
No directors’ fees were allocated to Directors or non-voting members during the 2014 financial year.
182
STATUTORY AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS (For the year ended 31
December 2014)
This is a free translation into English of the statutory auditors' report on the financial statements issued in
French and it is provided solely for the convenience of English-speaking users.
The statutory auditors' report includes information specifically required by French law in such reports,
whether modified or not. This information is presented below the audit opinion on the financial statements
and includes an explanatory paragraph discussing the auditors' assessments of certain significant accounting
and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the
financial statements taken as a whole and not to provide separate assurance on individual account balances,
transactions or disclosures.
This report also includes information relating to the specific verification of information given in the
management report and in the documents addressed to the shareholders.
This report should be read in conjunction with and construed in accordance with French law and professional
auditing standards applicable in France.
“To the Shareholders
In compliance with the assignment entrusted to us by your general meeting, we hereby report to you, for the
year ended December 31,2014, on:
•
the audit of the accompanying financial statements of Autoroute de Liaison Seine-Sarthe;
•
the justification of our assessments;
•
the specific verifications and information required by law.
These financial statements have been approved by the board of directors. Our role is to express an opinion on
these financial statements based on our audit.
I. Opinion on the financial statements
We conducted our audit in accordance with professional standards applicable in France; those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit involves performing procedures, using sampling
techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in the
financial statements. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made, as well as the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the
financial position of the Company as at December 31, 2014 and of the results of its operations for the year
then ended in accordance with French accounting principles.
II. Justification of our assessments
In accordance with the requirements of article L. 823-9 of the French Commercial Code (code de commerce)
relating to the justification of our assessments, we bring to your attention the following matters:

Note 3.c.iii of the financial statements describes the amortization method of tangible assets held under
concession;
183

The provision for inflation has been valued in accordance with the accounting policies described in
note 3.g.ii to the financial statements.
These assessments were made as part of our audit of the financial statements taken as a whole, and therefore
contributed to the opinion we formed which is expressed in the first part of this report.
III. Specific verifications and information
We have also performed, in accordance with professional standards applicable in France, the specific
verifications required by French law.
We have no matters to report as to the fair presentation and the consistency with the financial statements of
the information given in the management report of the board of directors and in the documents addressed to
the shareholders with respect to the financial position and the financial statements.
Courbevoie, on June 3rd, 2015
The statutory auditor
French original signed by
MAZARS
Olivier THIREAU
Partner”
184
APPENDIX 2: FINANCIAL MODEL OUTPUTS
Description of the scenarios and sensitivities
All the sensitivities described from 2 to 17 have been run against ALIS May 2016 Case (Scenario 1)
#
Scenarios
Description
1
ALIS May 2016 Case
- Considers ALIS May 2016 Traffic and Toll tariffs assumptions and
ALIS CPI growth assumptions
2
All Costs + 10%
- Sensitivity of 10% increase in all costs applied from 2016 onwards over
the life of concession. The costs on which the increase is applied
include (i) SPV Costs (ii) Opex Costs and (iii) Lifecycle/Heavy
Maintenance Costs
3
CPI -1%
- ALIS CPI growth assumptions reduced by 1% over the life of the
concession from Feb 2017 onwards
4
Breakeven Revenues
(-24.5%)
- A decrease of 24.5% applied on the ALIS May 2016 Case revenues to
reach an ADSCR minimum of 1.00x
- The decrease is a constant percentage shift of ALIS May 2016 Case
revenues curve
5
0% Traffic Growth
- Total traffic forecasts for ever year assumed to be equal to the 2015
annual traffic numbers
Combined sensitivity 1
- Cost increase: All costs (i.e. SPV, Opex and Lifecycle costs) increased
by 10% over the life of concession from 2016 onwards
- Traffic forecast: In 2017 and 2018, 3% reduction in traffic growth
compared to ALIS May 2016 case traffic growth, 1.5% reduction in
traffic growth from 2019-21 and then back to traffic growth as in ALIS
May 2016 Case. Same assumptions applied from 2037-2041
- CPI Growth: Reduction of 1% applied on the ALIS CPI assumptions
from 2016-2020 (Floor CPI Growth at 0% in 2016)
7
Revenues -5%
- ALIS May 2016 case revenues reduced by 5% from 2016 onwards over
the life of the concession
- The reduction is a constant percentage shift of ALIS May 2016 Case
revenues curve.
8
Opex Costs Breakeven
(+195.0%)
- An increase of 195% applied on the Opex costs from 2016 onwards
over the life of the concession to achieve an ADSCR minimum of 1.00x
9
CPI growth 0%
- CPI growth of 0% assumed every year over the life of the concession
(from 2016 onwards)
6
10
CPI Breakeven
(-2.93%)
CPI capped at 1% and
11 Revenues Breakeven
(-24.5%)
- ALSI CPI assumptions reduced by 2.93% (from Feb 2017 onwards)
over the life of the concession to achieve an ADSCR minimum of 1.00x
- CPI growth assumptions equal to the minimum of (a) 1.00% and (b)
ALIS CPI assumptions of that year
- While maintaining the above CPI growth assumption, ALIS May 2016
Case revenues are reduced by 24.5% (constant percentage shift of
revenue curve) from 2016 onwards to achieve an ADSCR minimum of
1.00x
185
12 Combined sensitivity 2
- Cost increase: All costs (i.e. SPV, Opex and Lifecycle costs) increased
by 10% over the life of concession from 2016 onwards
- Traffic forecast: Traffic growth of 0% (i.e. assumed to be equal to 2015
annual traffic numbers) assumed over the life of concession
- CPI: ALIS CPI growth assumptions reduced by 1% over the life of the
concession from Feb 2017 onwards
0% GDP and IPI
growth
- Revenue forecasts determined based on 0% growth assumption on GDP
and IPI from 2016 to 2067
13
14 Total Traffic -20%
- Reduction in total traffic by 20% (constant percentage shift of ALIS
May 2016 Case traffic forecasts) from 2016 onwards
15 Total Traffic Breakeven
- Breakeven revenues (constant percentage shift in ALIS May 2016
revenue forecasts to achieve ADSCR minimum of 1.00x) are used to
generate the traffic forecasts for this case, assuming the toll tariff of the
ALIS May 2016 case
- These resulting traffic forecasts and revenue forecasts are thereafter
used in the scenario, which when applied, result in lower expected
operating costs (resulting in minimum ADSCR equal to 1.06x)
Change in Seasonal
traffic: 20% and 30%
16
less in Jul & Aug for
LV transit traffic
- Reduction of light vehicle summer transit traffic in July by 20% and in
August by 30% in 2016
- ALIS May 2016 case forecasting assumptions were thereafter applied
on the 2016 traffic forecasts (as calculated above)
- Light vehicle traffic movements (toll classes 1,2 and 5) travelling
between Alençon and Sees and Alençon and A13 were considered to be
transit traffic
GDP / IPI and CPI
17
growth 0%
- Revenue forecasts determined based on 0% growth assumption on GDP
and IPI from 2016 to 2067
- CPI growth of 0% assumed every year over the life of the concession
(from 2016 onwards)
18
ALIS May 2016 Low
Case
- Considers ALIS May 2016 Low Case Traffic and Toll tariffs
assumptions (as described in section ‘Alis May 2016 Low Case Traffic
and Revenue Forecasts’) and Alis CPI growth assumptions
Note: Financial simulations are assuming inter alia the debt exchange accounting treatment of the Existing A2
Bonds and of the Existing A3 Bonds (but not for the Existing A1 Bonds), such assumptions to be confirmed in
2016 Alis annual financial statements
186
FINANCIAL MODEL OUTPUT
Scenario: ALIS May 2016 Case
All units in million of EUR , nominal terms
Note: Numbers for year ending Jul 2016 correspond to May-Jul 2016 only
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
0.66%
1.29%
1.53%
2019
2020
31 Jul 19 31 Jul 20
1.67%
1.81%
2021
2022
31 Jul 21 31 Jul 22
1.90%
1.90%
2023
2024
2025
31 Jul 23 31 Jul 24
2029
2030
31 Jul 25 31 Jul 26 31 Jul 27 31 Jul 28 31 Jul 29
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
20.8
73.7
77.4
81.6
86.1
90.1
93.7
97.6
101.6
105.8
110.1
114.6
119.3
124.2
129.3
134.6
140.2
145.9
151.9
158.1
164.5
171.2
178.0
185.1
191.8
198.2
204.8
Operating Costs
-5.9
-11.5
-11.7
-12.0
-12.3
-12.6
-12.9
-13.2
-13.5
-13.8
-14.2
-14.5
-14.9
-15.0
-15.2
-15.5
-15.9
-16.1
-16.4
-16.8
-17.3
-17.7
-18.1
-18.6
-19.1
-19.5
-20.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-22.1
-18.6
-2.7
-0.7
-2.0
-1.7
-37.1
-26.8
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.7
-6.3
-10.2
-11.2
-12.1
-12.9
-13.5
-14.3
-15.1
-15.9
-19.0
-26.5
-28.3
-28.9
-22.4
-32.8
-36.2
-38.8
-41.6
-42.8
-36.3
-47.3
-51.5
-54.5
-57.3
-59.3
-62.0
CFADS
-
49.3
49.2
52.7
55.1
58.0
65.4
64.7
70.7
61.3
65.1
66.3
67.4
72.9
83.0
73.3
72.7
76.4
81.8
85.0
109.4
104.2
104.8
106.2
103.0
104.2
108.7
Tranche 1 Debt Service
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
Movements on Redemption Account
-
-3.1
-3.3
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-
-32.2
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.53x
1.54x
1.56x
1.60x
1.57x
1.70x
1.70x
1.88x
1.82x
1.72x
1.64x
1.70x
1.81x
1.84x
1.73x
1.74x
1.74x
1.77x
1.74x
1.80x
1.74x
1.76x
1.79x
1.86x
2.04x
2.13x
N/A
1.91x
1.92x
1.93x
1.94x
1.95x
1.96x
1.96x
1.96x
1.97x
1.97x
1.99x
1.99x
2.00x
2.00x
2.01x
2.02x
2.04x
2.06x
2.08x
2.12x
2.17x
2.23x
2.30x
2.38x
2.44x
2.51x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.8
21.6
22.4
30.2
39.3
22.4
12.6
23.6
36.5
47.7
58.8
27.7
2.7
4.7
7.0
14.4
26.0
35.5
47.6
Royalties
ADSCR (life of debt)
Minimum
1.53x
Average
1.83x
BLCR (life of debt)
Minimum
1.90x
Ending Balances
Debt Service Reserve Account
Heavy Maintenance Reserve Account
2043
2044
2045
2046
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
Year
Year ending
CPI Assumptions
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
31 Jul 47 31 Jul 48 31 Jul 49 31 Jul 50 31 Jul 51 31 Jul 52 31 Jul 53 31 Jul 54 31 Jul 55 31 Jul 56 31 Jul 57 31 Jul 58 31 Jul 59 31 Jul 60 31 Jul 61 31 Jul 62 31 Jul 63 31 Jul 64 31 Jul 65 31 Jul 66 31 Jul 67 31 Jul 68
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
211.6
218.7
226.0
233.5
241.3
249.4
257.7
265.7
273.5
281.4
289.7
298.1
306.8
315.8
325.0
334.5
344.3
353.7
362.7
372.0
381.6
391.4
401.4
411.7
422.3
184.5
Operating Costs
-20.6
-21.1
-21.6
-22.2
-22.7
-23.3
-23.9
-24.5
-25.1
-25.7
-26.3
-27.0
-27.6
-28.3
-29.0
-29.7
-30.4
-31.2
-31.9
-32.6
-33.4
-34.2
-35.0
-35.8
-36.6
-15.4
-
-
-
-
-
-
-
-
-
-
-
-
-27.2
-28.0
-28.8
-29.6
-30.5
-31.4
-32.2
-33.0
-33.9
-34.7
-35.6
-36.5
-37.5
-38.3
-0.6
-25.9
-34.9
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-31.9
-55.2
-92.6
-92.3
-67.0
-26.1
-0.3
-130.5
-97.3
-38.4
-25.4
-1.1
-74.3
-54.2
-1.8
-0.5
Taxes
-64.8
-66.1
-57.6
-72.9
-78.8
-84.4
-87.1
-89.7
-91.9
-94.2
-94.9
-86.3
-102.3
-94.6
-95.3
-96.4
-97.7
-100.7
-103.2
-95.0
-82.1
-102.5
-106.7
-112.5
-115.8
-96.7
CFADS
115.3
111.2
141.9
165.0
136.3
132.3
126.3
114.3
102.1
93.8
101.8
129.3
86.5
100.8
113.5
120.4
127.2
143.1
156.8
180.0
205.9
193.8
212.8
226.4
232.3
34.0
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Royalties
Lifecycle Costs
Total Debt Service
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.27x
2.31x
2.43x
2.71x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.58x
2.67x
2.88x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
62.5
47.1
17.3
9.4
10.0
17.3
32.0
39.5
50.1
67.1
45.9
24.1
11.2
2.6
10.1
23.5
37.1
65.6
100.0
92.9
93.9
118.9
55.9
2.2
0.5
0.0
Minimum
1.53x
Average
1.83x
BLCR (life of debt)
Minimum
1.90x
Ending Balances
187
Scenario: All Costs +10%
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
0.66%
1.29%
1.53%
2019
2020
31 Jul 19 31 Jul 20
1.67%
1.81%
2021
2022
31 Jul 21 31 Jul 22
1.90%
1.90%
2023
2024
2025
31 Jul 23 31 Jul 24
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
20.8
73.7
77.4
81.6
86.1
90.1
93.7
97.6
101.6
105.8
110.1
114.6
119.3
124.2
129.3
134.6
140.2
145.9
151.9
158.1
164.5
171.2
178.0
185.1
191.8
198.2
204.8
Operating Costs
-6.0
-12.6
-12.9
-13.2
-13.5
-13.8
-14.1
-14.5
-14.8
-15.2
-15.6
-16.0
-16.3
-16.5
-16.7
-17.1
-17.5
-17.7
-18.1
-18.5
-19.0
-19.4
-19.9
-20.4
-21.0
-21.5
-22.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.6
-4.2
-3.4
-5.1
-8.7
-11.9
-5.6
-0.1
-10.2
-8.9
-1.2
-0.1
-24.3
-20.5
-3.0
-0.8
-2.2
-1.9
-40.9
-29.4
-0.4
-0.1
-0.1
-2.8
-6.3
-3.5
Taxes
-3.7
-6.3
-10.0
-10.9
-11.8
-12.7
-13.2
-14.0
-14.8
-15.6
-16.8
-25.5
-27.7
-28.2
-20.9
-32.0
-35.6
-38.1
-41.0
-42.0
-34.7
-46.5
-50.8
-53.8
-56.2
-58.5
-61.2
CFADS
-
46.5
47.6
51.2
53.5
56.3
63.9
63.3
68.8
59.2
65.0
65.1
65.5
71.6
82.2
71.1
70.3
74.1
79.5
83.5
109.1
103.1
103.4
104.3
100.8
101.5
106.0
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.3
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-
-32.2
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.45x
1.49x
1.52x
1.55x
1.52x
1.66x
1.67x
1.83x
1.75x
1.72x
1.60x
1.65x
1.78x
1.82x
1.68x
1.68x
1.69x
1.72x
1.71x
1.80x
1.72x
1.73x
1.76x
1.82x
1.99x
2.08x
N/A
1.87x
1.88x
1.89x
1.90x
1.91x
1.92x
1.93x
1.93x
1.93x
1.94x
1.95x
1.96x
1.96x
1.97x
1.98x
1.99x
2.01x
2.03x
2.05x
2.08x
2.13x
2.19x
2.26x
2.34x
2.41x
2.49x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
15.8
18.6
21.5
23.7
22.3
15.6
14.1
22.9
23.7
24.7
33.2
43.2
24.6
13.9
25.9
40.1
52.4
64.7
30.4
3.0
5.1
7.7
15.9
28.6
39.0
52.3
Royalties
Minimum
1.45x
Average
1.79x
BLCR (life of debt)
Minimum
1.86x
Ending Balances
2043
2044
2045
2046
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
Year
Year ending
CPI Assumptions
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
211.6
218.7
226.0
233.5
241.3
249.4
257.7
265.7
273.5
281.4
289.7
298.1
306.8
315.8
325.0
334.5
344.3
353.7
362.7
372.0
381.6
391.4
401.4
411.7
422.3
184.5
Operating Costs
-22.6
-23.2
-23.8
-24.4
-25.0
-25.6
-26.3
-26.9
-27.6
-28.2
-28.9
-29.7
-30.4
-31.1
-31.9
-32.7
-33.5
-34.3
-35.1
-35.9
-36.7
-37.6
-38.5
-39.4
-40.3
-16.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-28.0
-28.8
-29.6
-30.5
-31.4
-32.2
-33.0
-33.9
-34.7
-35.6
-36.5
-37.5
-38.3
-0.6
-28.4
-38.4
-13.1
-3.2
-2.3
-0.2
-9.6
-6.9
-0.2
-35.1
-60.7
-101.8
-101.6
-73.7
-28.7
-0.3
-143.5
-107.0
-42.3
-28.0
-1.2
-81.7
-59.6
-2.0
-0.5
Taxes
-64.0
-65.0
-55.5
-71.9
-77.9
-83.5
-86.1
-88.7
-90.8
-93.0
-93.5
-83.7
-101.0
-103.3
-93.3
-94.5
-95.5
-98.5
-101.0
-91.6
-77.1
-99.2
-103.4
-109.2
-113.0
-93.0
CFADS
112.5
109.1
141.4
163.3
134.6
129.9
122.8
109.1
95.2
85.6
93.9
123.6
105.9
82.8
106.7
113.5
120.4
137.4
152.0
177.1
204.9
191.1
211.5
226.1
231.5
36.2
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Royalties
Lifecycle Costs
Total Debt Service
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.22x
2.26x
2.42x
2.68x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.56x
2.66x
2.87x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
68.8
51.8
19.1
10.3
11.0
19.0
35.2
43.4
55.2
73.8
50.5
26.5
12.3
2.8
11.1
25.9
40.9
72.1
110.0
102.2
103.3
130.8
61.5
2.4
0.5
0.0
Minimum
1.45x
Average
1.79x
BLCR (life of debt)
Minimum
1.86x
Ending Balances
188
Scenario: CPI -1%
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
0.66%
0.29%
0.53%
2019
2020
31 Jul 19 31 Jul 20
0.67%
0.81%
2021
2022
31 Jul 21 31 Jul 22
0.90%
0.90%
2023
2024
2025
31 Jul 23 31 Jul 24
0.90%
0.90%
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
Revenues
20.8
73.7
77.0
80.3
83.9
86.9
89.6
92.4
95.2
98.2
101.2
104.3
107.5
110.8
114.2
117.8
121.4
125.1
129.0
132.9
137.0
141.1
145.3
149.6
153.5
157.0
160.7
Operating Costs
-6.0
-11.5
-11.6
-11.7
-11.9
-12.1
-12.2
-12.4
-12.6
-12.8
-13.0
-13.1
-13.3
-13.3
-13.3
-13.5
-13.7
-13.8
-13.9
-14.1
-14.3
-14.5
-14.7
-15.0
-15.2
-15.4
-15.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.0
-4.4
-7.8
-10.8
-5.1
-0.1
-8.4
-7.3
-1.0
-0.1
-19.5
-16.4
-2.3
-0.6
-1.7
-1.5
-30.8
-22.2
-0.3
-0.1
-0.1
-2.0
-4.5
-2.5
Taxes
-3.7
-6.3
-10.3
-11.1
-11.9
-12.5
-13.0
-13.6
-14.2
-14.8
-15.8
-21.8
-25.1
-25.3
-19.3
-28.1
-30.8
-32.5
-34.5
-35.2
-29.5
-38.3
-41.4
-43.4
-44.6
-46.3
-48.0
CFADS
-
49.6
48.9
51.8
53.7
56.0
62.7
61.3
67.0
57.0
61.7
63.2
61.4
65.5
74.5
65.3
63.5
66.4
70.8
71.2
91.9
86.9
86.1
87.2
84.6
83.9
86.7
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-0.9
-33.7
-0.9
-33.6
-0.9
-29.5
-0.9
-33.0
-1.0
-35.6
-1.0
-34.7
-1.0
-35.8
-1.0
-39.4
-1.0
-37.4
-1.0
-38.6
-49.4
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.2
-3.5
-3.6
-3.5
-3.6
-2.9
-2.6
-2.7
-3.1
-3.2
-3.1
-2.5
-3.6
-2.8
47.1
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-
-32.1
-31.9
-33.6
-34.3
-36.6
-38.1
-37.5
-37.2
-33.1
-37.1
-39.8
-38.8
-39.3
-44.0
-41.2
-40.9
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.54x
1.53x
1.54x
1.57x
1.53x
1.65x
1.63x
1.80x
1.72x
1.66x
1.59x
1.58x
1.67x
1.69x
1.58x
1.55x
1.51x
1.53x
1.46x
1.52x
1.45x
1.44x
1.47x
1.52x
1.64x
1.70x
N/A
1.67x
1.67x
1.67x
1.68x
1.68x
1.68x
1.68x
1.67x
1.66x
1.66x
1.66x
1.66x
1.66x
1.65x
1.65x
1.65x
1.66x
1.66x
1.68x
1.70x
1.73x
1.77x
1.82x
1.87x
1.92x
1.97x
0.0
19.3
19.3
19.3
19.3
19.3
16.6
18.3
12.6
17.3
20.1
18.5
18.1
20.3
20.1
19.6
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.1
16.6
19.2
21.2
19.7
13.3
11.6
18.7
19.2
19.8
26.5
34.6
19.6
10.6
19.6
30.2
39.5
48.7
22.9
2.1
3.6
5.4
11.2
19.9
26.9
36.0
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
Royalties
Minimum
1.44x
Average
1.62x
BLCR (life of debt)
Minimum
-
1.65x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
Revenues
164.4
168.2
172.2
176.2
180.2
184.4
188.7
192.7
196.4
200.1
203.9
207.8
211.8
215.9
220.0
224.2
228.5
232.4
236.0
239.7
243.4
247.2
251.1
255.0
259.0
112.7
Operating Costs
-15.9
-16.2
-16.4
-16.7
-16.9
-17.1
-17.4
-17.7
-17.9
-18.2
-18.4
-18.7
-19.0
-19.3
-19.5
-19.8
-20.1
-20.4
-20.7
-20.9
-21.2
-21.5
-21.8
-22.1
-22.4
-9.4
-23.4
Royalties
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-21.1
-21.4
-21.7
-22.1
-22.4
-22.7
-23.1
-0.4
-19.7
-26.3
-8.9
-2.1
-1.5
-0.1
-6.2
-4.4
-0.1
-22.2
-38.3
-63.5
-62.9
-45.2
-17.5
-0.2
-85.1
-63.4
-24.5
-16.2
-0.7
-45.6
-33.2
-1.1
-0.3
-49.8
-50.3
-43.3
-54.6
-59.1
-63.3
-64.7
-66.0
-66.9
-68.0
-67.8
-61.2
-71.7
-72.7
-72.4
-72.7
-72.9
-74.4
-75.5
-61.7
-52.9
-65.2
-67.1
-69.9
-71.4
-56.3
91.6
84.0
109.0
132.6
101.8
97.4
92.4
83.3
74.1
67.5
72.2
90.1
79.0
81.6
89.8
93.8
97.4
107.5
94.8
116.3
131.4
122.4
132.9
140.0
142.0
23.6
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.81x
1.74x
1.87x
2.18x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.01x
2.10x
2.30x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
47.3
35.4
12.8
6.8
7.1
12.2
22.5
27.5
34.7
46.4
31.6
16.3
7.6
1.7
6.5
15.0
23.7
41.5
62.8
57.7
57.6
73.0
34.3
1.3
0.3
0.0
Lifecycle Costs
Taxes
CFADS
Total Debt Service
Minimum
1.44x
Average
1.62x
BLCR (life of debt)
Minimum
1.65x
Ending Balances
189
Scenario: Breakeven Revenues (-24.5%)
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
2019
2020
31 Jul 19 31 Jul 20
2021
2022
31 Jul 21 31 Jul 22
2023
2024
2025
31 Jul 23 31 Jul 24
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
0.66%
1.29%
1.53%
1.67%
1.81%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
15.7
55.6
58.5
61.6
65.0
68.0
70.8
73.7
76.7
79.9
83.1
86.5
90.1
93.8
97.7
101.7
105.8
110.2
114.7
119.4
124.2
129.2
134.4
139.8
144.8
149.6
154.6
Operating Costs
-6.0
-11.3
-11.6
-11.8
-12.1
-12.4
-12.7
-13.0
-13.3
-13.6
-13.9
-14.3
-14.6
-14.7
-14.9
-15.2
-15.6
-15.8
-16.1
-16.5
-16.9
-17.3
-17.7
-18.2
-18.6
-19.1
-19.6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-22.1
-18.6
-2.7
-0.7
-2.0
-1.7
-37.1
-26.8
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.6
-5.7
-7.2
-7.4
-7.6
-8.3
-8.7
-9.4
-10.0
-10.6
-11.1
-11.7
-12.5
-12.4
-9.2
-14.7
-16.0
-17.1
-18.4
-24.0
-20.4
-31.2
-34.9
-37.4
-39.1
-41.1
-43.2
CFADS
-
32.2
33.4
36.7
38.7
40.7
47.4
45.9
51.1
40.9
46.4
53.3
54.2
59.2
64.9
58.7
58.9
62.6
68.2
65.4
85.3
78.8
78.2
78.3
74.6
74.3
77.8
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.0
-3.4
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Royalties
Total Debt Service
Minimum
1.00x
Average
1.36x
BLCR (life of debt)
Minimum
-
-32.1
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.00x
1.04x
1.09x
1.12x
1.10x
1.23x
1.21x
1.36x
1.21x
1.23x
1.31x
1.36x
1.47x
1.44x
1.39x
1.41x
1.43x
1.48x
1.34x
1.41x
1.32x
1.31x
1.32x
1.34x
1.45x
1.53x
N/A
1.43x
1.45x
1.46x
1.47x
1.48x
1.49x
1.50x
1.50x
1.51x
1.52x
1.53x
1.53x
1.53x
1.53x
1.53x
1.54x
1.54x
1.54x
1.56x
1.57x
1.61x
1.65x
1.70x
1.77x
1.83x
1.90x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.8
21.6
22.4
30.2
39.3
22.4
12.6
23.6
36.5
47.7
58.8
27.7
2.7
4.7
7.0
14.4
26.0
35.5
47.6
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
1.43x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
159.8
165.1
170.6
176.3
182.2
188.3
194.6
200.6
206.5
212.5
218.7
225.1
231.7
238.4
245.4
252.6
260.0
267.0
273.9
280.9
288.1
295.5
303.1
310.8
318.8
139.3
Operating Costs
-20.1
-20.6
-21.1
-21.7
-22.2
-22.7
-23.3
-23.9
-24.5
-25.0
-25.7
-26.3
-26.9
-27.6
-28.3
-29.0
-29.7
-30.4
-31.1
-31.8
-32.5
-33.3
-34.1
-34.9
-35.7
-15.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-26.2
-26.9
-27.6
-28.3
-29.0
-0.6
-25.9
-34.9
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-31.9
-55.2
-92.6
-92.3
-67.0
-26.1
-0.3
-130.5
-97.3
-38.4
-25.4
-1.1
-74.3
-54.2
-1.8
-0.5
-45.4
-46.0
-36.9
-51.4
-56.7
-61.5
-63.4
-65.3
-66.7
-68.3
-68.2
-58.8
-74.1
-75.6
-75.5
-76.1
-76.7
-79.2
-81.1
-72.4
-58.9
-78.7
-72.5
-77.7
-80.6
-64.1
83.4
78.2
107.8
129.8
99.9
94.7
87.4
74.2
60.9
51.4
58.2
84.3
67.4
71.0
83.1
89.2
95.0
110.2
123.0
145.4
170.3
131.1
158.3
170.2
174.2
31.2
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Royalties
Lifecycle Costs
Taxes
CFADS
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.64x
1.62x
1.85x
2.13x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.97x
2.09x
2.30x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
62.5
47.1
17.3
9.4
10.0
17.3
32.0
39.5
50.1
67.1
45.9
24.1
11.2
2.6
10.1
23.5
37.1
65.6
100.0
92.9
93.9
118.9
55.9
2.2
0.5
0.0
Total Debt Service
Minimum
1.00x
Average
1.36x
BLCR (life of debt)
Minimum
1.43x
Ending Balances
190
Scenario: 0% Traffic Growth
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
0.66%
1.29%
1.53%
2019
2020
31 Jul 19 31 Jul 20
1.67%
1.81%
2021
2022
31 Jul 21 31 Jul 22
1.90%
1.90%
2023
2024
2025
31 Jul 23 31 Jul 24
1.90%
1.90%
2029
2030
2026
31 Jul 30
1.90%
2027
1.90%
2028
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
20.6
72.2
74.8
77.7
80.9
83.7
86.1
88.6
91.2
93.9
96.6
99.5
102.4
105.4
108.4
111.6
114.9
118.2
121.7
125.2
128.9
132.7
136.5
140.4
143.6
146.4
149.2
Operating Costs
-5.9
-11.5
-11.7
-11.9
-12.1
-12.4
-12.6
-12.9
-13.2
-13.5
-13.7
-14.0
-14.3
-14.4
-14.5
-14.8
-15.1
-15.2
-15.4
-15.8
-16.1
-16.5
-16.8
-17.2
-17.5
-17.9
-18.2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-22.1
-18.6
-2.7
-0.7
-2.0
-1.7
-37.1
-26.8
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.7
-6.2
-9.3
-10.1
-10.7
-11.3
-11.6
-12.1
-12.6
-13.2
-13.6
-14.1
-15.4
-20.5
-14.3
-23.8
-26.5
-28.2
-30.2
-30.4
-22.9
-32.9
-36.0
-37.8
-39.6
-40.3
-41.4
CFADS
-
47.9
47.4
50.0
51.5
53.4
59.8
58.2
63.0
52.5
57.5
64.0
63.9
63.0
71.0
59.9
57.9
60.1
64.1
65.6
88.3
81.4
80.1
79.6
74.0
73.1
75.5
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.3
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-
-32.2
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.49x
1.48x
1.48x
1.49x
1.44x
1.55x
1.53x
1.67x
1.56x
1.52x
1.58x
1.61x
1.57x
1.57x
1.42x
1.38x
1.37x
1.39x
1.34x
1.46x
1.36x
1.34x
1.34x
1.33x
1.43x
1.48x
N/A
1.56x
1.56x
1.56x
1.56x
1.56x
1.56x
1.56x
1.55x
1.54x
1.54x
1.53x
1.52x
1.51x
1.50x
1.50x
1.50x
1.51x
1.52x
1.53x
1.54x
1.56x
1.59x
1.63x
1.69x
1.73x
1.79x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.8
21.6
22.4
30.2
39.3
22.4
12.6
23.6
36.5
47.7
58.8
27.7
2.7
4.7
7.0
14.4
26.0
35.5
47.6
Royalties
Minimum
1.33x
Average
1.49x
BLCR (life of debt)
Minimum
1.50x
Ending Balances
2043
2044
2045
2046
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
Year
Year ending
CPI Assumptions
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
152.0
154.9
157.8
160.8
163.9
167.0
170.2
173.4
176.7
180.1
183.5
187.0
190.6
194.2
197.9
201.7
205.5
209.4
213.4
217.5
221.6
225.8
230.1
234.5
238.9
104.1
Operating Costs
-18.6
-19.0
-19.4
-19.8
-20.1
-20.5
-20.9
-21.4
-21.8
-22.3
-22.7
-23.2
-23.7
-24.1
-24.6
-25.1
-25.7
-26.2
-26.7
-27.3
-27.8
-28.4
-29.0
-29.6
-30.2
-12.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-19.7
-20.1
-20.5
-20.9
-21.3
-21.6
-0.6
-25.9
-34.9
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-31.9
-27.2
-15.3
-9.9
-1.2
-0.3
-0.3
-0.3
-4.3
-38.4
-25.4
-1.1
-74.3
-54.2
-1.8
-0.5
-42.8
-42.5
-32.5
-46.1
-50.4
-54.1
-55.0
-55.9
-56.9
-58.0
-57.4
-47.1
-61.2
-63.2
-64.1
-65.2
-66.6
-67.9
-69.3
-68.6
-54.3
-64.7
-68.3
-71.9
-73.6
-62.3
79.6
73.0
101.1
121.4
89.9
82.9
79.4
79.9
81.1
82.7
92.6
111.3
103.3
105.6
100.5
97.5
99.4
86.6
78.7
90.3
93.4
86.5
101.1
111.7
113.8
7.5
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Royalties
Lifecycle Costs
Taxes
CFADS
Total Debt Service
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.57x
1.52x
1.73x
2.00x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.84x
1.96x
2.16x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
62.5
47.1
17.3
9.4
10.0
17.3
32.0
39.5
50.1
67.1
45.9
24.1
11.2
2.6
10.1
23.5
37.1
65.6
100.0
92.9
93.9
118.9
55.9
2.2
0.5
0.0
Minimum
1.33x
Average
1.49x
BLCR (life of debt)
Minimum
1.50x
Ending Balances
191
Scenario: Combined sensitivity (all costs +10% / 3% reduction in traffic in 2017-2018, 1.5% reduction in 2019-2021, then back to Base Case growth. Same assumptions applied from 2037 to 2041 / CPI-1% over the period 2016-2020
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
0.00%
0.29%
0.53%
2019
2020
31 Jul 19 31 Jul 20
0.67%
0.81%
2021
2022
31 Jul 21 31 Jul 22
1.90%
1.90%
2023
2024
2025
31 Jul 23 31 Jul 24
1.90%
1.90%
2029
2030
2026
31 Jul 30
1.90%
2027
1.90%
2028
1.90%
1.90%
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
20.8
71.4
71.1
71.7
72.8
73.4
75.2
78.3
81.6
84.9
88.4
92.0
95.8
99.7
103.8
108.0
112.5
117.1
121.9
126.9
132.0
134.1
133.9
134.7
135.8
136.3
139.1
Operating Costs
-6.0
-12.5
-12.6
-12.7
-12.8
-13.0
-13.2
-13.5
-13.8
-14.1
-14.4
-14.7
-15.0
-15.1
-15.2
-15.5
-15.9
-16.1
-16.3
-16.7
-17.2
-17.4
-17.7
-18.0
-18.4
-18.7
-19.1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.6
-4.2
-3.4
-5.1
-8.7
-11.9
-5.6
-0.1
-10.2
-8.9
-1.2
-0.1
-23.4
-19.8
-3.0
-0.8
-2.2
-1.9
-39.9
-28.8
-0.4
-0.1
-0.1
-2.8
-6.3
-3.5
Taxes
-3.8
-6.2
-8.8
-9.0
-9.1
-9.4
-9.4
-10.0
-10.6
-11.3
-11.8
-12.5
-13.3
-13.2
-10.0
-15.6
-24.7
-27.4
-29.8
-30.4
-23.0
-33.7
-35.6
-36.0
-36.2
-36.5
-37.2
CFADS
-
44.5
42.8
43.7
43.6
43.8
50.1
49.0
54.2
44.1
49.8
57.0
58.0
63.6
69.2
62.8
55.4
58.0
62.8
65.8
90.1
80.8
76.7
74.4
67.8
64.8
67.7
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-0.9
-33.7
-0.9
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.0
-34.7
-1.0
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-55.1
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.2
-3.5
-3.6
-3.6
-3.9
-3.1
-3.0
-3.1
-3.6
-3.7
-3.7
-3.1
-4.4
-3.6
52.1
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-
-32.1
-31.9
-33.6
-34.3
-36.7
-38.3
-37.8
-37.5
-33.6
-37.6
-40.3
-39.5
-40.0
-44.8
-42.1
-41.7
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.38x
1.34x
1.30x
1.27x
1.19x
1.31x
1.30x
1.44x
1.32x
1.33x
1.41x
1.47x
1.59x
1.54x
1.49x
1.33x
1.32x
1.36x
1.34x
1.48x
1.35x
1.29x
1.26x
1.22x
1.27x
1.33x
N/A
1.45x
1.45x
1.46x
1.46x
1.47x
1.48x
1.48x
1.48x
1.48x
1.49x
1.48x
1.48x
1.47x
1.46x
1.45x
1.45x
1.46x
1.46x
1.47x
1.46x
1.48x
1.51x
1.55x
1.60x
1.67x
1.74x
0.0
19.4
19.4
19.4
19.4
19.4
16.7
18.5
12.8
17.5
20.4
18.8
18.4
20.7
20.5
19.9
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
15.8
18.6
21.5
23.7
22.3
15.6
14.1
22.7
23.2
23.8
32.0
41.8
23.9
13.7
25.4
39.3
51.3
63.3
29.8
3.0
5.1
7.7
15.6
27.9
37.9
50.8
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
Royalties
Minimum
1.19x
Average
1.38x
BLCR (life of debt)
Minimum
-
1.45x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
143.8
149.5
156.2
163.3
170.7
178.5
186.7
193.5
199.1
205.0
210.9
217.1
223.5
230.0
236.7
243.6
250.7
257.5
264.2
270.9
277.9
285.0
292.3
299.8
307.5
134.4
Operating Costs
-19.5
-20.0
-20.4
-20.9
-21.5
-22.0
-22.6
-23.2
-23.7
-24.3
-24.9
-25.5
-26.1
-26.7
-27.3
-28.0
-28.7
-29.3
-30.0
-30.7
-31.4
-32.1
-32.8
-33.6
-34.4
-14.5
-27.9
Royalties
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-23.4
-24.0
-24.7
-25.3
-25.9
-26.6
-27.3
-0.6
-27.2
-37.5
-13.1
-3.2
-2.3
-0.2
-9.6
-6.9
-0.2
-33.8
-29.0
-16.9
-10.9
-1.3
-0.4
-0.3
-0.3
-4.7
-40.5
-26.7
-1.2
-81.7
-59.6
-2.0
-0.5
-39.1
-39.5
-30.3
-45.9
-51.7
-57.1
-59.7
-62.5
-64.3
-66.3
-66.5
-56.5
-72.3
-75.4
-77.7
-79.7
-82.0
-84.5
-86.9
-78.3
-63.9
-83.6
-88.0
-92.6
-95.4
-81.5
73.0
68.8
100.3
122.6
93.7
89.2
88.5
90.5
93.0
96.0
107.9
129.2
122.5
126.5
122.4
121.4
125.4
112.7
81.9
103.7
128.9
115.2
133.1
146.5
150.4
10.5
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.44x
1.43x
1.72x
2.01x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.83x
1.97x
2.20x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
66.8
50.9
19.1
10.3
11.0
18.8
34.5
42.3
53.6
71.8
49.6
26.5
12.3
2.8
10.8
24.9
39.3
70.0
107.2
101.0
103.3
130.8
61.5
2.4
0.5
0.0
Lifecycle Costs
Taxes
CFADS
Total Debt Service
Minimum
1.19x
Average
1.38x
BLCR (life of debt)
Minimum
1.45x
Ending Balances
192
Scenario: Revenues -5%
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
2019
2020
31 Jul 19 31 Jul 20
2021
2022
31 Jul 21 31 Jul 22
2023
2024
2025
31 Jul 23 31 Jul 24
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
0.66%
1.29%
1.53%
1.67%
1.81%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
19.8
70.0
73.6
77.5
81.8
85.6
89.1
92.7
96.6
100.5
104.6
108.9
113.4
118.0
122.9
127.9
133.2
138.6
144.3
150.2
156.3
162.6
169.1
175.8
182.2
188.3
194.5
Operating Costs
-6.0
-11.5
-11.7
-12.0
-12.2
-12.5
-12.8
-13.1
-13.5
-13.8
-14.1
-14.5
-14.8
-14.9
-15.1
-15.5
-15.9
-16.1
-16.4
-16.8
-17.2
-17.6
-18.0
-18.5
-19.0
-19.5
-20.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-22.1
-18.6
-2.7
-0.7
-2.0
-1.7
-37.1
-26.8
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.7
-6.2
-9.4
-10.4
-11.2
-12.1
-12.6
-13.3
-14.1
-14.9
-15.5
-18.0
-26.1
-26.6
-20.0
-30.3
-33.6
-36.0
-38.8
-39.9
-33.2
-44.1
-48.2
-51.0
-53.5
-55.6
-58.2
CFADS
-
45.8
46.1
49.5
51.7
54.3
61.6
60.8
66.6
57.1
63.2
69.2
63.7
69.1
79.0
69.1
68.3
71.9
77.1
80.1
104.3
99.0
99.3
100.5
97.2
98.1
102.4
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.3
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Royalties
Total Debt Service
Minimum
1.42x
Average
1.73x
BLCR (life of debt)
Minimum
-
-32.2
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.42x
1.44x
1.47x
1.50x
1.47x
1.60x
1.60x
1.77x
1.69x
1.67x
1.71x
1.60x
1.72x
1.75x
1.63x
1.63x
1.64x
1.67x
1.64x
1.72x
1.65x
1.66x
1.70x
1.75x
1.92x
2.01x
N/A
1.81x
1.82x
1.83x
1.84x
1.85x
1.86x
1.87x
1.87x
1.87x
1.88x
1.88x
1.89x
1.89x
1.89x
1.90x
1.91x
1.93x
1.95x
1.98x
2.00x
2.05x
2.11x
2.18x
2.25x
2.32x
2.39x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.8
21.6
22.4
30.2
39.3
22.4
12.6
23.6
36.5
47.7
58.8
27.7
2.7
4.7
7.0
14.4
26.0
35.5
47.6
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
1.80x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
201.0
207.7
214.7
221.8
229.3
236.9
244.8
252.4
259.8
267.4
275.2
283.2
291.5
300.0
308.8
317.8
327.1
336.0
344.6
353.4
362.5
371.8
381.3
391.1
401.2
175.3
Operating Costs
-20.5
-21.0
-21.5
-22.1
-22.6
-23.2
-23.8
-24.3
-24.9
-25.6
-26.2
-26.8
-27.5
-28.2
-28.8
-29.6
-30.3
-31.0
-31.7
-32.5
-33.2
-34.0
-34.8
-35.6
-36.4
-15.3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-27.3
-28.1
-29.0
-29.8
-30.6
-31.4
-32.2
-33.0
-33.8
-34.7
-35.6
-36.4
-0.6
-25.9
-34.9
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-31.9
-55.2
-92.6
-92.3
-67.0
-26.1
-0.3
-130.5
-97.3
-38.4
-25.4
-1.1
-74.3
-54.2
-1.8
-0.5
Taxes
-60.9
-62.0
-53.4
-68.5
-74.3
-79.7
-82.2
-84.7
-86.7
-88.9
-89.5
-80.7
-96.5
-98.8
-99.3
-90.4
-91.7
-94.6
-96.9
-88.6
-75.5
-95.8
-99.8
-105.4
-108.8
-89.9
CFADS
108.8
104.4
135.0
157.8
128.9
124.6
118.4
106.1
93.7
85.1
92.9
120.1
104.2
108.9
94.7
111.4
117.6
133.3
146.7
169.7
195.2
182.9
201.6
214.9
220.3
33.6
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Royalties
Lifecycle Costs
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.15x
2.17x
2.31x
2.59x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.45x
2.55x
2.76x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
62.5
47.1
17.3
9.4
10.0
17.3
32.0
39.5
50.1
67.1
45.9
24.1
11.2
2.6
10.1
23.5
37.1
65.6
100.0
92.9
93.9
118.9
55.9
2.2
0.5
0.0
Total Debt Service
Minimum
1.42x
Average
1.73x
BLCR (life of debt)
Minimum
1.80x
Ending Balances
193
Scenario: Opex Costs Beven (+195.0%)
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
2019
2020
31 Jul 19 31 Jul 20
2021
2022
31 Jul 21 31 Jul 22
2023
2024
2025
31 Jul 23 31 Jul 24
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
0.66%
1.29%
1.53%
1.67%
1.81%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
20.8
73.7
77.4
81.6
86.1
90.1
93.7
97.6
101.6
105.8
110.1
114.6
119.3
124.2
129.3
134.6
140.2
145.9
151.9
158.1
164.5
171.2
178.0
185.1
191.8
198.2
204.8
Operating Costs
-6.0
-29.2
-29.8
-30.4
-31.1
-31.8
-32.6
-33.4
-34.2
-35.1
-35.9
-36.8
-37.7
-37.9
-38.3
-39.2
-40.2
-40.7
-41.3
-42.4
-43.4
-44.5
-45.6
-46.8
-48.0
-49.2
-50.5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-22.1
-18.6
-2.7
-0.7
-2.0
-1.7
-37.1
-26.8
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.7
-5.8
-7.3
-7.5
-8.1
-8.9
-9.4
-10.3
-10.9
-11.7
-12.3
-13.1
-14.0
-14.1
-11.0
-16.6
-18.0
-27.5
-32.3
-33.2
-26.4
-37.2
-41.2
-43.9
-45.9
-48.1
-50.5
CFADS
-
32.3
34.1
38.0
40.3
42.7
49.7
48.5
54.1
44.3
50.1
57.5
58.8
64.8
71.4
65.8
66.6
63.1
66.3
69.1
93.1
87.5
87.6
88.7
85.4
85.7
89.7
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.3
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Royalties
Total Debt Service
Minimum
1.00x
Average
1.49x
BLCR (life of debt)
Minimum
-
-32.2
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.00x
1.07x
1.13x
1.17x
1.15x
1.29x
1.28x
1.44x
1.31x
1.33x
1.42x
1.48x
1.61x
1.58x
1.55x
1.59x
1.44x
1.44x
1.41x
1.53x
1.46x
1.47x
1.50x
1.54x
1.68x
1.76x
N/A
1.56x
1.58x
1.59x
1.61x
1.62x
1.64x
1.65x
1.66x
1.67x
1.68x
1.69x
1.69x
1.69x
1.69x
1.70x
1.69x
1.71x
1.73x
1.75x
1.78x
1.82x
1.87x
1.94x
2.01x
2.07x
2.14x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.8
21.6
22.4
30.2
39.3
22.4
12.6
23.6
36.5
47.7
58.8
27.7
2.7
4.7
7.0
14.4
26.0
35.5
47.6
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
1.55x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
211.6
218.7
226.0
233.5
241.3
249.4
257.7
265.7
273.5
281.4
289.7
298.1
306.8
315.8
325.0
334.5
344.3
353.7
362.7
372.0
381.6
391.4
401.4
411.7
422.3
184.5
Operating Costs
-51.8
-53.2
-54.6
-56.0
-57.4
-58.9
-60.4
-62.0
-63.5
-65.1
-66.7
-68.4
-70.1
-71.8
-73.6
-75.4
-77.3
-79.2
-81.1
-83.0
-84.9
-86.9
-89.0
-91.1
-93.2
-39.2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-32.2
-33.0
-33.9
-34.7
-35.6
-36.5
-37.5
-38.3
-0.6
-25.9
-34.9
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-31.9
-55.2
-92.6
-92.3
-67.0
-26.1
-0.3
-130.5
-97.3
-38.4
-25.4
-1.1
-74.3
-54.2
-1.8
-0.5
-53.0
-54.0
-45.2
-60.1
-65.7
-70.9
-73.3
-75.6
-77.4
-79.3
-79.7
-70.6
-86.3
-88.3
-88.6
-89.6
-90.7
-93.7
-96.0
-75.6
-62.7
-82.6
-86.3
-91.7
-94.9
-75.3
95.8
91.2
121.4
143.9
114.7
110.1
103.5
90.9
78.1
69.2
76.7
103.5
87.2
91.5
104.3
111.1
117.7
133.5
114.8
149.1
173.8
161.0
179.2
192.0
196.6
31.6
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Royalties
Lifecycle Costs
Taxes
CFADS
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.89x
1.89x
2.08x
2.37x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.21x
2.32x
2.53x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
62.5
47.1
17.3
9.4
10.0
17.3
32.0
39.5
50.1
67.1
45.9
24.1
11.2
2.6
10.1
23.5
37.1
65.6
100.0
92.9
93.9
118.9
55.9
2.2
0.5
0.0
Total Debt Service
Minimum
1.00x
Average
1.49x
BLCR (life of debt)
Minimum
1.55x
Ending Balances
194
Scenario: CPI Growth 0%
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
2019
2020
31 Jul 19 31 Jul 20
2021
2022
31 Jul 21 31 Jul 22
2023
2024
2025
31 Jul 23 31 Jul 24
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Revenues
20.8
73.4
76.4
79.3
82.4
84.7
86.6
88.4
90.4
92.3
94.3
96.3
98.4
100.5
102.7
104.9
107.2
109.5
111.8
114.3
116.7
119.1
121.6
124.0
126.1
127.9
129.7
Operating Costs
-5.9
-11.4
-11.5
-11.6
-11.6
-11.7
-11.8
-11.8
-11.9
-12.0
-12.0
-12.1
-12.2
-12.0
-11.9
-12.0
-12.1
-12.0
-12.0
-12.1
-12.1
-12.2
-12.3
-12.4
-12.4
-12.5
-12.6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-18.2
-15.9
-2.7
-0.7
-2.0
-1.7
-31.7
-22.9
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.7
-6.3
-10.2
-11.0
-11.7
-12.3
-12.6
-13.0
-13.4
-13.9
-14.4
-15.8
-22.2
-22.1
-16.4
-24.0
-26.1
-27.2
-28.6
-28.8
-23.4
-30.5
-32.8
-34.0
-34.8
-35.8
-36.8
CFADS
-
49.1
48.3
51.0
52.4
54.1
60.2
58.2
63.5
53.1
57.5
62.6
56.5
59.6
66.8
57.5
54.9
57.4
61.1
60.7
79.6
74.5
72.9
73.9
69.9
67.9
69.7
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-0.9
-33.7
-0.9
-33.6
-0.9
-29.5
-0.9
-33.0
-0.9
-35.6
-0.9
-34.7
-0.9
-35.8
-0.9
-39.4
-0.9
-37.4
-0.9
-38.6
-43.4
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.1
-3.4
-3.4
-3.3
-3.4
-2.6
-2.3
-2.3
-2.7
-2.6
-2.6
-2.0
-2.9
-2.2
41.7
-
-
-
-
-
-
-
-
-
-
Royalties
Total Debt Service
Minimum
1.22x
Average
1.44x
BLCR (life of debt)
Minimum
-
-32.1
-31.8
-33.5
-34.1
-36.4
-37.7
-37.2
-36.8
-32.7
-36.6
-39.2
-38.2
-38.7
-43.2
-40.5
-40.3
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.53x
1.52x
1.52x
1.54x
1.49x
1.60x
1.57x
1.73x
1.62x
1.57x
1.60x
1.48x
1.54x
1.55x
1.42x
1.36x
1.31x
1.33x
1.24x
1.31x
1.24x
1.22x
1.25x
1.26x
1.33x
1.37x
N/A
1.49x
1.48x
1.48x
1.48x
1.47x
1.47x
1.46x
1.45x
1.44x
1.43x
1.42x
1.41x
1.40x
1.39x
1.38x
1.38x
1.38x
1.38x
1.39x
1.40x
1.42x
1.45x
1.48x
1.52x
1.55x
1.59x
0.0
19.2
19.2
19.2
19.2
19.2
16.5
18.1
12.4
17.0
19.8
18.2
17.8
20.0
19.7
19.3
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.0
19.5
19.0
25.4
33.2
19.6
11.5
20.6
31.7
41.0
50.3
23.8
2.7
4.7
7.0
12.4
20.5
26.6
35.2
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
1.38x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Revenues
131.5
133.4
135.2
137.1
139.1
141.0
143.0
144.7
146.2
147.6
149.1
150.6
152.1
153.6
155.1
156.7
158.3
159.5
160.6
161.6
162.7
163.7
164.8
165.8
166.9
72.4
Operating Costs
-12.7
-12.8
-12.8
-12.9
-13.0
-13.1
-13.1
-13.2
-13.3
-13.4
-13.4
-13.5
-13.6
-13.7
-13.7
-13.8
-13.9
-14.0
-14.0
-14.1
-14.1
-14.2
-14.2
-14.3
-14.4
-6.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-15.1
Royalties
Lifecycle Costs
Taxes
CFADS
-0.6
-15.8
-27.7
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-19.0
-31.9
-53.3
-49.8
-32.4
-12.5
-0.3
-58.2
-45.7
-18.2
-11.0
-1.1
-74.3
-54.2
-1.8
-0.5
-37.9
-38.1
-32.2
-40.5
-44.1
-47.6
-48.1
-48.7
-48.8
-49.1
-48.6
-43.2
-50.4
-50.7
-50.1
-49.7
-49.4
-50.0
-50.0
-45.4
-39.0
-46.8
-47.8
-50.8
-51.6
-39.3
73.4
63.6
85.5
110.3
78.5
73.6
68.5
60.7
53.2
47.8
51.1
64.2
57.5
59.5
64.4
66.5
68.1
65.6
64.8
73.6
83.1
76.5
91.5
100.3
100.9
12.0
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.45x
1.32x
1.46x
1.81x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.63x
1.74x
1.98x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
46.7
39.9
17.3
9.4
10.0
14.7
25.0
28.0
34.2
46.8
36.7
24.1
11.2
2.6
6.1
12.5
19.2
40.7
68.2
78.5
93.9
118.9
55.9
2.2
0.5
0.0
Total Debt Service
Minimum
1.22x
Average
1.44x
BLCR (life of debt)
Minimum
1.38x
Ending Balances
195
Scenario: CPI Breakeven (-2.93%)
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
0.66%
-1.65%
-1.41%
2019
2020
31 Jul 19 31 Jul 20
-1.26%
-1.13%
2021
2022
31 Jul 21 31 Jul 22
-1.03%
-1.03%
2023
2024
2025
31 Jul 23 31 Jul 24
-1.03%
-1.03%
2029
2030
2026
31 Jul 30
-1.03%
2027
-1.03%
2028
-1.03%
-1.03%
-1.03%
2031
-1.03%
2032
2033
31 Jul 31 31 Jul 32
31 Jul 33
-1.03%
-1.03%
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
-1.03%
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
Revenues
20.8
73.7
76.1
77.9
79.8
81.1
82.0
82.9
83.9
84.8
85.7
86.6
87.6
88.6
89.6
90.5
91.5
92.6
93.6
94.6
95.6
96.6
97.6
98.5
99.2
99.5
99.9
Operating Costs
-6.0
-11.4
-11.4
-11.3
-11.2
-11.2
-11.1
-11.0
-11.0
-10.9
-10.9
-10.8
-10.8
-10.5
-10.4
-10.3
-10.3
-10.1
-10.0
-9.9
-9.9
-9.9
-9.8
-9.8
-9.7
-9.7
-9.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.1
-3.7
-2.9
-4.0
-7.6
-10.8
-5.1
-0.1
-6.9
-6.0
-0.8
-0.1
-15.2
-12.7
-1.8
-0.4
-1.2
-1.0
-21.2
-15.3
-0.2
-0.1
-0.1
-1.2
-2.7
-1.5
Taxes
-3.7
-6.3
-10.4
-11.1
-11.5
-11.9
-12.0
-12.3
-12.6
-12.9
-13.1
-13.4
-15.4
-18.6
-13.4
-20.1
-21.2
-21.9
-22.6
-22.5
-18.2
-24.1
-25.4
-26.2
-27.0
-27.6
-28.1
CFADS
-
50.2
48.3
50.1
51.0
52.3
57.8
55.1
60.3
49.4
52.8
58.1
55.5
53.9
61.0
52.6
49.7
51.6
54.5
51.3
66.8
61.9
60.1
60.9
57.8
55.7
56.7
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-0.8
-33.7
-0.8
-33.6
-0.8
-29.5
-0.8
-33.0
-0.8
-35.6
-0.8
-34.7
-0.8
-35.8
-0.8
-39.4
-0.8
-37.4
-0.8
-38.6
-36.6
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.0
-3.0
-3.2
-3.2
-3.0
-3.0
-2.2
-1.9
-1.9
-2.2
-2.1
-2.0
-1.4
-2.2
-1.5
35.6
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-
-32.1
-31.7
-33.3
-33.8
-36.0
-37.3
-36.7
-36.3
-32.2
-36.0
-38.5
-37.5
-38.0
-42.3
-39.7
-39.6
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.56x
1.52x
1.50x
1.51x
1.45x
1.55x
1.50x
1.66x
1.54x
1.47x
1.51x
1.48x
1.42x
1.44x
1.33x
1.25x
1.17x
1.18x
1.05x
1.10x
1.03x
1.01x
1.03x
1.04x
1.09x
1.11x
N/A
1.32x
1.32x
1.31x
1.30x
1.29x
1.28x
1.27x
1.25x
1.24x
1.22x
1.21x
1.19x
1.18x
1.16x
1.14x
1.14x
1.13x
1.12x
1.13x
1.13x
1.14x
1.16x
1.18x
1.20x
1.22x
1.25x
0.0
19.0
19.0
19.0
19.0
19.0
16.3
17.9
12.1
16.7
19.5
17.8
17.5
19.6
19.4
19.1
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
13.6
16.0
18.6
20.6
18.8
11.8
9.5
15.3
15.3
15.4
20.7
26.9
15.1
7.5
13.6
20.9
27.3
33.6
15.8
1.3
2.2
3.3
6.7
11.8
15.7
20.9
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
Royalties
Minimum
1.00x
Average
1.30x
BLCR (life of debt)
Minimum
-
1.12x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
Revenues
Operating Costs
Royalties
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
-1.03%
100.2
100.6
101.0
101.3
101.7
102.1
102.4
102.6
102.5
102.5
102.5
102.4
102.4
102.3
102.3
102.3
102.2
102.0
101.6
101.2
100.8
100.4
100.0
99.6
99.2
42.8
-9.6
-9.6
-9.5
-9.5
-9.5
-9.4
-9.4
-9.3
-9.3
-9.2
-9.2
-9.2
-9.1
-9.1
-9.0
-9.0
-8.9
-8.9
-8.8
-8.8
-8.7
-8.7
-8.6
-8.6
-8.5
-3.5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-0.3
-11.6
-15.2
-5.0
-1.2
-0.8
-0.1
-3.2
-2.3
-0.1
-10.9
-18.7
-30.3
-29.6
-20.9
-8.0
-0.1
-36.8
-27.4
-10.2
-6.7
-0.3
-17.5
-12.8
-0.4
-0.1
-28.7
-28.4
-24.0
-29.9
-41.5
-36.0
-36.3
-36.3
-36.2
-36.1
-35.3
-31.4
-35.9
-35.8
-35.0
-34.4
-33.9
-33.9
-33.7
-30.5
-26.2
-30.6
-30.8
-31.3
-31.3
-21.4
59.8
48.2
65.8
91.0
49.5
53.4
49.8
44.5
39.2
35.1
36.4
44.1
38.2
38.8
41.8
42.6
43.1
46.8
49.6
54.4
59.7
54.9
57.9
59.7
59.4
9.0
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.18x
1.00x
1.13x
1.49x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.26x
1.36x
1.56x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
27.3
20.2
7.1
3.6
3.7
6.2
11.2
13.5
16.9
22.5
15.1
7.6
3.5
0.7
2.7
6.2
9.8
16.9
25.3
22.7
22.1
28.0
13.2
0.5
0.1
0.0
Lifecycle Costs
Taxes
CFADS
Total Debt Service
Minimum
1.00x
Average
1.30x
BLCR (life of debt)
Minimum
-8.9
1.12x
Ending Balances
196
Scenario: Inflation capped at 1%; Revenues B/even (-24.5%)
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
2019
2020
31 Jul 19 31 Jul 20
2021
2022
31 Jul 21 31 Jul 22
2023
2024
2025
31 Jul 23 31 Jul 24
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
0.66%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
Revenues
15.7
55.6
58.4
61.2
64.2
66.7
68.8
71.0
73.3
75.6
78.0
80.5
83.1
85.7
88.4
91.3
94.2
97.2
100.2
103.4
106.7
110.0
113.4
116.8
120.0
122.9
125.9
Operating Costs
-6.0
-11.3
-11.5
-11.7
-11.9
-12.1
-12.3
-12.4
-12.6
-12.8
-13.0
-13.2
-13.4
-13.4
-13.4
-13.6
-13.8
-13.9
-14.0
-14.2
-14.4
-14.7
-14.9
-15.1
-15.4
-15.6
-15.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-20.3
-17.4
-2.7
-0.7
-2.0
-1.7
-34.5
-24.9
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.6
-5.7
-7.2
-7.4
-7.6
-8.2
-8.5
-8.9
-9.4
-10.1
-10.3
-10.7
-11.5
-11.2
-8.9
-12.9
-13.9
-14.7
-15.6
-15.6
-12.5
-17.4
-24.3
-27.8
-29.3
-30.5
-32.5
CFADS
-
32.2
33.3
36.5
38.1
39.8
46.1
44.3
49.3
38.6
43.6
50.0
50.0
54.0
58.0
52.5
51.6
54.8
59.5
60.5
78.1
76.0
70.6
69.1
64.6
63.4
65.2
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-0.9
-33.7
-0.9
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.0
-34.7
-1.0
-35.8
-1.0
-39.4
-1.0
-37.4
-1.0
-38.6
-50.8
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.0
-3.3
-3.6
-3.7
-3.6
-3.7
-2.9
-2.7
-2.8
-3.2
-3.3
-3.2
-2.6
-3.7
-2.9
48.4
-
-
-
-
-
-
-
-
-
-
Royalties
Total Debt Service
Minimum
1.00x
Average
1.24x
BLCR (life of debt)
Minimum
-
-32.1
-32.0
-33.7
-34.4
-36.7
-38.2
-37.6
-37.3
-33.3
-37.2
-39.9
-39.0
-39.4
-44.1
-41.4
-41.0
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.00x
1.04x
1.08x
1.11x
1.08x
1.21x
1.18x
1.32x
1.16x
1.17x
1.25x
1.28x
1.37x
1.31x
1.27x
1.26x
1.25x
1.29x
1.24x
1.29x
1.27x
1.18x
1.17x
1.16x
1.24x
1.28x
N/A
1.30x
1.31x
1.32x
1.32x
1.33x
1.33x
1.34x
1.34x
1.34x
1.35x
1.35x
1.35x
1.34x
1.34x
1.34x
1.34x
1.35x
1.35x
1.35x
1.36x
1.37x
1.40x
1.43x
1.48x
1.53x
1.58x
0.0
19.4
19.4
19.4
19.4
19.4
16.7
18.4
12.6
17.3
20.1
18.5
18.1
20.4
20.2
19.6
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.4
20.6
20.9
28.0
36.5
21.1
12.1
22.1
34.1
44.5
54.7
25.8
2.7
4.7
7.0
13.4
23.1
30.9
41.2
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
1.30x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
Revenues
128.9
132.0
135.2
138.5
141.9
145.3
148.8
152.1
155.1
158.2
161.4
164.7
168.0
171.4
174.8
178.3
181.9
185.2
188.2
191.4
194.5
197.8
201.0
204.4
207.8
90.4
Operating Costs
-16.1
-16.4
-16.7
-17.0
-17.2
-17.5
-17.7
-18.0
-18.3
-18.6
-18.9
-19.2
-19.5
-19.8
-20.1
-20.4
-20.7
-21.0
-21.3
-21.6
-21.9
-22.2
-22.5
-22.8
-23.2
-9.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-18.8
Royalties
Lifecycle Costs
Taxes
CFADS
-0.6
-20.7
-31.2
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-24.9
-42.6
-71.1
-69.0
-47.9
-18.6
-0.3
-90.0
-68.4
-27.0
-17.2
-1.1
-74.3
-54.2
-1.8
-0.5
-33.6
-33.7
-26.2
-37.2
-41.2
-45.2
-47.1
-49.4
-49.9
-50.7
-50.2
-42.8
-53.5
-54.2
-53.6
-53.5
-53.4
-54.6
-55.3
-48.7
-39.1
-51.9
-53.8
-57.5
-59.0
-45.8
70.0
62.3
87.6
110.9
80.0
74.6
67.4
55.6
45.3
37.9
42.5
61.3
49.9
52.4
60.3
63.9
67.0
72.0
76.9
91.3
107.2
97.5
113.5
123.6
125.4
16.1
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.38x
1.29x
1.50x
1.82x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.64x
1.76x
1.99x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
54.4
43.4
17.3
9.4
10.0
15.9
28.2
33.3
41.5
56.1
40.9
24.1
11.2
2.6
7.8
17.3
27.0
51.5
82.0
84.8
93.9
118.9
55.9
2.2
0.5
0.0
Total Debt Service
Minimum
1.00x
Average
1.24x
BLCR (life of debt)
Minimum
1.30x
Ending Balances
197
Scenario: Combined 2: CPI -1%/0% traffic growth/All Costs +10%
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
0.66%
0.29%
0.53%
2019
2020
31 Jul 19 31 Jul 20
0.67%
0.81%
2021
2022
31 Jul 21 31 Jul 22
0.90%
0.90%
2023
2024
2025
31 Jul 23 31 Jul 24
0.90%
0.90%
2029
2030
2026
31 Jul 30
0.90%
2027
0.90%
2028
0.90%
0.90%
0.90%
2031
0.90%
2032
2033
31 Jul 31 31 Jul 32
31 Jul 33
0.90%
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
Revenues
20.8
72.2
74.3
76.5
78.9
80.8
82.3
83.9
85.5
87.1
88.8
90.5
92.2
94.0
95.8
97.6
99.5
101.4
103.3
105.3
107.3
109.4
111.4
113.5
115.0
116.0
117.0
Operating Costs
-6.0
-12.6
-12.7
-12.8
-12.9
-13.1
-13.2
-13.4
-13.5
-13.7
-13.8
-14.0
-14.1
-14.0
-14.0
-14.2
-14.3
-14.3
-14.4
-14.5
-14.7
-14.8
-15.0
-15.2
-15.3
-15.5
-15.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.5
-4.2
-3.3
-4.9
-8.6
-11.9
-5.6
-0.1
-9.2
-8.0
-1.1
-0.1
-21.4
-18.0
-2.6
-0.7
-1.9
-1.6
-33.8
-24.4
-0.3
-0.1
-0.1
-2.2
-4.9
-2.7
Taxes
-3.8
-6.2
-9.2
-9.8
-10.2
-10.8
-11.0
-11.3
-11.6
-12.0
-12.2
-12.6
-13.1
-13.0
-9.1
-16.9
-21.1
-22.1
-23.4
-23.1
-16.0
-25.2
-27.1
-28.2
-29.3
-30.1
-30.8
CFADS
-
45.4
45.6
47.7
48.7
50.0
56.1
53.8
58.1
47.0
51.3
57.0
56.5
59.8
64.8
54.6
49.6
51.5
54.7
54.7
75.2
67.7
66.1
65.5
60.1
57.8
59.1
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-0.9
-33.7
-0.9
-33.6
-0.9
-29.5
-0.9
-33.0
-1.0
-35.6
-1.0
-34.7
-1.0
-35.8
-1.0
-39.4
-1.0
-37.4
-1.0
-38.6
-49.4
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.2
-3.5
-3.6
-3.5
-3.6
-2.9
-2.6
-2.7
-3.1
-3.2
-3.1
-2.5
-3.6
-2.8
47.1
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-
-32.1
-31.9
-33.6
-34.3
-36.6
-38.1
-37.5
-37.2
-33.1
-37.1
-39.8
-38.8
-39.3
-44.0
-41.2
-40.9
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.41x
1.43x
1.42x
1.42x
1.36x
1.47x
1.43x
1.56x
1.42x
1.38x
1.43x
1.46x
1.52x
1.47x
1.32x
1.21x
1.17x
1.19x
1.12x
1.24x
1.13x
1.11x
1.11x
1.08x
1.13x
1.16x
N/A
1.35x
1.35x
1.35x
1.34x
1.34x
1.33x
1.32x
1.31x
1.30x
1.29x
1.28x
1.27x
1.25x
1.23x
1.22x
1.22x
1.22x
1.22x
1.22x
1.22x
1.23x
1.25x
1.27x
1.30x
1.33x
1.36x
0.0
19.3
19.3
19.3
19.3
19.3
16.6
18.3
12.6
17.3
20.1
18.5
18.1
20.3
20.1
19.6
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
15.5
18.2
21.1
23.3
21.7
14.6
12.7
20.6
21.1
21.7
29.2
38.0
21.5
11.6
21.5
33.2
43.4
53.6
25.2
2.3
4.0
6.0
12.3
21.8
29.6
39.6
Royalties
Minimum
1.08x
Average
1.31x
BLCR (life of debt)
Minimum
1.22x
Ending Balances
2043
2044
2045
2046
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
Year
Year ending
CPI Assumptions
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
0.90%
Revenues
118.1
119.2
120.2
121.3
122.4
123.5
124.6
125.8
126.9
128.0
129.2
130.4
131.5
132.7
133.9
135.1
136.4
137.6
138.8
140.1
141.4
142.6
143.9
145.2
146.5
63.6
Operating Costs
-15.8
-16.0
-16.2
-16.3
-16.5
-16.6
-16.8
-17.0
-17.2
-17.3
-17.5
-17.7
-17.9
-18.1
-18.3
-18.5
-18.7
-18.8
-19.0
-19.2
-19.5
-19.7
-19.9
-20.1
-20.3
-8.5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-13.2
Royalties
Lifecycle Costs
Taxes
CFADS
-0.5
-21.7
-29.0
-9.8
-2.3
-1.7
-0.1
-6.8
-4.9
-0.1
-24.5
-20.8
-11.4
-7.3
-0.9
-0.3
-0.2
-0.2
-3.0
-27.0
-17.8
-0.8
-50.2
-36.6
-1.2
-0.3
-31.6
-30.9
-22.2
-41.7
-36.7
-40.1
-40.3
-40.6
-40.9
-41.3
-40.3
-31.9
-42.3
-43.3
-43.8
-44.1
-44.4
-44.9
-45.1
-43.8
-33.5
-46.1
-47.3
-49.3
-49.9
-40.3
62.4
53.8
78.1
90.7
66.5
59.5
56.2
55.9
56.0
56.4
63.2
76.7
69.6
70.4
65.8
63.0
63.5
54.1
48.3
55.7
70.6
59.2
69.1
75.6
76.3
1.6
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.23x
1.12x
1.34x
1.49x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.40x
1.50x
1.63x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
52.0
38.9
14.1
7.5
7.9
13.4
24.7
30.3
38.2
51.1
34.7
18.0
8.3
1.9
7.1
16.5
26.1
45.6
69.1
63.4
63.4
80.3
37.7
1.5
0.3
0.0
Minimum
1.08x
Average
1.31x
BLCR (life of debt)
Minimum
1.22x
Ending Balances
198
Scenario: GDP / IPI growth 0%
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
2019
2020
31 Jul 19 31 Jul 20
2021
2022
31 Jul 21 31 Jul 22
2023
2024
2025
31 Jul 23 31 Jul 24
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
0.66%
1.29%
1.53%
1.67%
1.81%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
20.4
71.1
73.0
75.2
77.4
79.5
81.3
83.2
85.1
87.1
89.2
91.3
93.5
95.7
98.0
100.4
103.0
105.6
108.3
111.0
113.8
116.7
119.7
122.6
125.3
127.7
130.1
Operating Costs
-5.9
-11.5
-11.7
-11.9
-12.1
-12.3
-12.6
-12.9
-13.1
-13.4
-13.7
-14.0
-14.2
-14.3
-14.4
-14.7
-15.0
-15.1
-15.3
-15.6
-16.0
-16.3
-16.6
-17.0
-17.3
-17.7
-18.1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-22.1
-18.6
-2.7
-0.7
-2.0
-1.7
-37.1
-26.8
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.7
-6.2
-8.8
-9.4
-9.8
-10.3
-10.5
-10.9
-11.2
-11.7
-11.9
-12.3
-12.8
-12.5
-9.3
-14.0
-21.4
-23.3
-25.0
-24.1
-16.3
-28.6
-28.6
-30.0
-31.5
-32.6
-37.8
CFADS
-
46.9
46.2
48.2
48.9
50.1
56.2
54.0
58.4
47.3
51.8
57.8
57.6
61.5
65.6
58.7
51.2
52.5
55.9
57.8
80.0
69.9
70.8
69.8
64.0
62.2
60.2
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.3
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Royalties
Total Debt Service
Minimum
1.15x
Average
1.35x
BLCR (life of debt)
Minimum
-
-32.2
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.46x
1.45x
1.43x
1.42x
1.36x
1.46x
1.42x
1.55x
1.40x
1.37x
1.42x
1.45x
1.53x
1.45x
1.39x
1.22x
1.19x
1.21x
1.18x
1.32x
1.17x
1.19x
1.18x
1.15x
1.22x
1.18x
N/A
1.41x
1.41x
1.40x
1.40x
1.40x
1.39x
1.39x
1.38x
1.37x
1.37x
1.36x
1.35x
1.34x
1.32x
1.31x
1.31x
1.32x
1.32x
1.33x
1.33x
1.35x
1.38x
1.41x
1.45x
1.50x
1.57x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.8
21.6
22.4
30.2
39.3
22.4
12.6
23.6
36.5
47.7
58.8
27.7
2.7
4.7
7.0
14.4
26.0
35.5
47.6
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
1.31x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
132.6
135.1
137.7
140.3
142.9
145.7
148.4
151.3
154.1
157.1
160.1
163.1
166.2
169.4
172.6
175.9
179.2
182.6
186.1
189.7
193.3
197.0
200.7
204.5
208.4
90.8
Operating Costs
-18.4
-18.8
-19.2
-19.6
-20.0
-20.3
-20.7
-21.2
-21.6
-22.0
-22.5
-23.0
-23.4
-23.9
-24.4
-24.9
-25.4
-25.9
-26.5
-27.0
-27.6
-28.1
-28.7
-29.3
-29.9
-12.6
-18.9
Royalties
Lifecycle Costs
Taxes
CFADS
1.90%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-18.6
-0.6
-25.9
-34.9
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-31.9
-27.2
-15.3
-9.9
-1.2
-0.3
-0.3
-0.3
-4.3
-38.4
-25.4
-1.1
-74.3
-54.2
-1.8
-0.5
-35.3
-34.4
-24.4
-38.9
-42.3
-45.9
-46.6
-47.4
-48.2
-49.2
-48.4
-37.9
-51.8
-53.7
-54.7
-55.4
-56.5
-57.7
-58.9
-57.9
-43.4
-60.4
-64.4
-67.9
-69.5
-52.9
67.9
61.5
89.3
108.3
77.2
70.0
66.2
66.5
67.4
68.7
78.4
96.8
88.5
90.5
84.8
81.9
83.4
70.3
62.1
73.3
95.9
82.2
96.3
106.9
90.3
6.5
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.34x
1.28x
1.53x
1.78x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.63x
1.75x
1.95x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
62.5
47.1
17.3
9.4
10.0
17.3
32.0
39.5
50.1
67.1
45.9
24.1
11.2
2.6
10.1
23.5
37.1
65.6
100.0
92.9
93.9
118.9
55.9
2.2
0.5
0.0
Total Debt Service
Minimum
1.15x
Average
1.35x
BLCR (life of debt)
Minimum
1.31x
Ending Balances
199
Scenario: Total Traffic -20%
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
2019
2020
31 Jul 19 31 Jul 20
2021
2022
31 Jul 21 31 Jul 22
2023
2024
2025
31 Jul 23 31 Jul 24
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
0.66%
1.29%
1.53%
1.67%
1.81%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
16.7
59.0
62.0
65.3
68.9
72.1
75.0
78.1
81.3
84.6
88.1
91.7
95.5
99.4
103.5
107.7
112.1
116.7
121.5
126.5
131.6
136.9
142.4
148.1
153.4
158.5
163.8
Operating Costs
-5.9
-11.3
-11.6
-11.8
-12.0
-12.3
-12.5
-12.8
-13.1
-13.4
-13.7
-14.0
-14.3
-14.3
-14.4
-14.8
-15.1
-15.2
-15.4
-15.8
-16.1
-16.5
-16.9
-17.3
-17.7
-18.2
-18.6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-22.1
-18.6
-2.7
-0.7
-2.0
-1.7
-37.1
-26.8
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.5
-5.3
-6.8
-7.3
-8.0
-8.9
-9.3
-10.0
-10.6
-11.4
-11.8
-12.6
-13.5
-13.3
-10.1
-15.6
-17.7
-27.5
-30.2
-30.9
-23.9
-34.5
-38.2
-40.6
-42.3
-44.4
-46.6
CFADS
-
35.8
37.3
40.4
42.2
44.2
51.2
49.9
55.2
45.2
50.8
57.9
58.9
64.3
70.2
64.3
64.0
59.4
63.9
66.3
90.0
84.1
83.8
84.4
80.9
80.8
84.6
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.3
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Royalties
Total Debt Service
Minimum
1.11x
Average
1.46x
BLCR (life of debt)
Minimum
-
-32.2
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.11x
1.17x
1.20x
1.22x
1.20x
1.33x
1.31x
1.47x
1.34x
1.34x
1.43x
1.48x
1.60x
1.56x
1.52x
1.53x
1.35x
1.39x
1.36x
1.48x
1.40x
1.40x
1.43x
1.46x
1.58x
1.66x
N/A
1.53x
1.55x
1.56x
1.57x
1.58x
1.59x
1.60x
1.60x
1.61x
1.62x
1.62x
1.62x
1.62x
1.62x
1.62x
1.61x
1.63x
1.65x
1.67x
1.69x
1.73x
1.78x
1.83x
1.90x
1.96x
2.03x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.8
21.6
22.4
30.2
39.3
22.4
12.6
23.6
36.5
47.7
58.8
27.7
2.7
4.7
7.0
14.4
26.0
35.5
47.6
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
1.53x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
169.3
174.9
180.8
186.8
193.1
199.5
206.2
212.6
218.8
225.2
231.7
238.5
245.5
252.6
260.0
267.6
275.4
282.9
290.2
297.6
305.3
313.1
321.1
329.4
337.8
147.6
Operating Costs
-19.1
-19.5
-20.0
-20.5
-21.0
-21.5
-22.0
-22.6
-23.1
-23.7
-24.2
-24.8
-25.4
-26.0
-26.7
-27.3
-28.0
-28.6
-29.3
-29.9
-30.6
-31.3
-32.0
-32.8
-33.5
-14.1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-24.4
-25.1
-25.7
-26.4
-27.1
-27.8
-28.5
-29.2
-30.0
-30.7
-0.6
-25.9
-34.9
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-31.9
-27.2
-15.3
-9.9
-1.2
-0.3
-0.3
-0.3
-4.3
-38.4
-25.4
-1.1
-74.3
-54.2
-1.8
-0.5
-48.9
-49.6
-40.7
-55.4
-60.7
-65.7
-67.8
-70.0
-72.0
-74.2
-74.7
-65.6
-80.9
-84.2
-86.3
-88.8
-91.6
-86.0
-87.8
-88.1
-74.8
-93.1
-98.4
-103.2
-106.2
-92.4
90.3
85.4
115.3
137.5
107.8
102.9
101.5
103.8
106.7
110.2
122.0
142.7
136.8
141.1
138.3
137.8
117.6
114.5
108.7
121.8
146.4
134.7
151.0
163.7
168.0
10.4
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Royalties
Lifecycle Costs
Taxes
CFADS
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.78x
1.77x
1.97x
2.26x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.10x
2.22x
2.43x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
62.5
47.1
17.3
9.4
10.0
17.3
32.0
39.5
50.1
67.1
45.9
24.1
11.2
2.6
10.1
23.5
37.1
65.6
100.0
92.9
93.9
118.9
55.9
2.2
0.5
0.0
Total Debt Service
Minimum
1.11x
Average
1.46x
BLCR (life of debt)
Minimum
1.53x
Ending Balances
200
Scenario: Total Traffic Breakeven
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
2019
2020
31 Jul 19 31 Jul 20
2021
2022
31 Jul 21 31 Jul 22
2023
2024
2025
31 Jul 23 31 Jul 24
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
0.66%
1.29%
1.53%
1.67%
1.81%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
16.1
57.0
59.9
63.1
66.5
69.6
72.5
75.5
78.6
81.8
85.1
88.6
92.3
96.0
100.0
104.1
108.3
112.8
117.4
122.2
127.2
132.3
137.6
143.1
148.2
153.2
158.3
Operating Costs
-5.9
-11.3
-11.5
-11.8
-12.0
-12.2
-12.5
-12.8
-13.1
-13.3
-13.6
-13.9
-14.2
-14.3
-14.4
-14.7
-15.0
-15.2
-15.4
-15.7
-16.1
-16.5
-16.8
-17.2
-17.6
-18.0
-18.4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-22.1
-18.6
-2.7
-0.7
-2.0
-1.7
-37.1
-26.8
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.5
-5.2
-6.7
-6.9
-7.5
-8.1
-8.6
-9.4
-9.9
-10.6
-11.1
-11.8
-12.6
-12.5
-9.4
-14.9
-16.1
-17.2
-27.1
-28.8
-22.2
-32.7
-36.3
-38.7
-40.3
-42.4
-44.5
CFADS
-
34.0
35.3
38.7
40.4
42.6
49.4
47.8
53.2
43.1
48.6
55.6
56.6
61.7
67.5
61.4
61.8
65.7
62.9
64.1
87.3
81.3
80.9
81.4
77.9
77.7
81.3
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.3
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Royalties
Total Debt Service
Minimum
1.06x
Average
1.41x
BLCR (life of debt)
Minimum
-
-32.2
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.06x
1.11x
1.15x
1.17x
1.15x
1.28x
1.26x
1.41x
1.28x
1.29x
1.37x
1.43x
1.54x
1.50x
1.45x
1.48x
1.50x
1.36x
1.31x
1.44x
1.36x
1.36x
1.38x
1.40x
1.52x
1.59x
N/A
1.49x
1.50x
1.51x
1.52x
1.53x
1.54x
1.55x
1.55x
1.56x
1.57x
1.58x
1.58x
1.57x
1.57x
1.58x
1.57x
1.58x
1.59x
1.61x
1.63x
1.67x
1.72x
1.77x
1.84x
1.90x
1.97x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.8
21.6
22.4
30.2
39.3
22.4
12.6
23.6
36.5
47.7
58.8
27.7
2.7
4.7
7.0
14.4
26.0
35.5
47.6
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
1.48x
Ending Balances
Year
Year ending
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
CPI Assumptions
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
163.6
169.0
174.7
180.5
186.5
192.8
199.2
205.4
211.4
217.6
223.9
230.5
237.2
244.1
251.3
258.6
266.2
273.4
280.4
287.6
295.0
302.5
310.3
318.3
326.4
142.6
Operating Costs
-18.9
-19.3
-19.8
-20.3
-20.8
-21.3
-21.8
-22.3
-22.9
-23.4
-24.0
-24.5
-25.1
-25.7
-26.3
-27.0
-27.6
-28.3
-28.9
-29.6
-30.3
-30.9
-31.7
-32.4
-33.1
-13.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-24.2
-24.9
-25.5
-26.2
-26.8
-27.5
-28.2
-29.0
-29.6
-0.6
-25.9
-34.9
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-31.9
-27.2
-15.3
-9.9
-1.2
-0.3
-0.3
-0.3
-4.3
-38.4
-25.4
-1.1
-74.3
-54.2
-1.8
-0.5
-46.8
-47.4
-38.4
-53.0
-58.3
-63.2
-65.2
-67.3
-69.2
-71.4
-71.8
-62.6
-77.8
-81.0
-83.2
-85.5
-88.1
-90.8
-85.0
-84.6
-71.3
-89.5
-94.7
-99.4
-102.3
-88.9
87.0
81.9
111.7
133.7
104.0
98.9
97.4
99.6
102.4
105.7
117.4
137.9
131.9
136.1
133.0
132.4
136.5
101.3
102.9
116.5
140.9
129.1
145.2
157.8
161.9
10.2
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Royalties
Lifecycle Costs
Taxes
CFADS
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.72x
1.70x
1.91x
2.20x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.03x
2.15x
2.37x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
62.5
47.1
17.3
9.4
10.0
17.3
32.0
39.5
50.1
67.1
45.9
24.1
11.2
2.6
10.1
23.5
37.1
65.6
100.0
92.9
93.9
118.9
55.9
2.2
0.5
0.0
Total Debt Service
Minimum
1.06x
Average
1.41x
BLCR (life of debt)
Minimum
1.48x
Ending Balances
201
Scenario: Change in Seasonal traffic: 20% and 30% less in Jul & Aug for LV
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
0.66%
1.29%
1.53%
2019
2020
31 Jul 19 31 Jul 20
1.67%
1.81%
2021
2022
31 Jul 21 31 Jul 22
1.90%
1.90%
2023
2024
2025
31 Jul 23 31 Jul 24
1.90%
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
19.9
71.2
74.8
78.9
83.2
87.1
90.6
94.4
98.3
102.3
106.5
110.8
115.4
120.1
125.1
130.2
135.6
141.1
146.9
152.9
159.1
165.6
172.2
179.0
185.5
191.7
198.1
Operating Costs
-5.9
-11.5
-11.7
-11.9
-12.1
-12.4
-12.7
-13.0
-13.3
-13.7
-14.0
-14.3
-14.7
-14.8
-15.0
-15.3
-15.7
-15.9
-16.2
-16.6
-17.0
-17.4
-17.9
-18.3
-18.8
-19.3
-19.8
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-22.1
-18.6
-2.7
-0.7
-2.0
-1.7
-37.1
-26.8
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.7
-6.1
-9.6
-10.5
-11.4
-12.3
-12.8
-13.5
-14.3
-15.2
-16.1
-21.8
-26.8
-27.3
-20.8
-31.1
-34.5
-36.9
-39.8
-40.8
-34.3
-45.2
-49.3
-52.2
-54.8
-56.8
-59.5
CFADS
-
47.1
47.2
50.7
53.0
55.7
63.1
62.4
68.2
58.7
64.6
67.5
65.1
70.5
80.6
70.7
70.0
73.6
78.9
82.0
106.3
101.0
101.4
102.7
99.4
100.4
104.8
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.3
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-
-32.2
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.46x
1.48x
1.50x
1.54x
1.51x
1.64x
1.64x
1.81x
1.74x
1.71x
1.66x
1.64x
1.76x
1.79x
1.67x
1.67x
1.68x
1.71x
1.68x
1.75x
1.69x
1.70x
1.73x
1.79x
1.96x
2.06x
N/A
1.85x
1.86x
1.87x
1.88x
1.89x
1.90x
1.91x
1.91x
1.91x
1.91x
1.92x
1.93x
1.93x
1.94x
1.95x
1.96x
1.97x
1.99x
2.02x
2.05x
2.09x
2.15x
2.22x
2.30x
2.37x
2.43x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.8
21.6
22.4
30.2
39.3
22.4
12.6
23.6
36.5
47.7
58.8
27.7
2.7
4.7
7.0
14.4
26.0
35.5
47.6
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
Royalties
Minimum
1.46x
Average
1.77x
BLCR (life of debt)
Minimum
1.84x
Ending Balances
Year
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
Year ending
CPI Assumptions
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
204.7
211.5
218.6
225.9
233.4
241.2
249.3
257.0
264.5
272.2
280.2
288.4
296.8
305.5
314.4
323.6
333.0
342.1
350.8
359.8
369.1
378.5
388.2
398.2
408.4
175.8
Operating Costs
-20.3
-20.8
-21.3
-21.9
-22.4
-22.9
-23.5
-24.1
-24.7
-25.3
-25.9
-26.5
-27.2
-27.8
-28.5
-29.2
-29.9
-30.7
-31.4
-32.1
-32.8
-33.6
-34.4
-35.2
-36.0
-15.1
-
-
-
-
-
-
-
-
-
-
-
-
-26.3
-27.0
-27.8
-28.6
-29.5
-30.3
-31.1
-31.9
-32.7
-33.6
-34.4
-35.3
-36.2
-37.0
-0.6
-25.9
-34.9
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-31.9
-27.2
-15.3
-9.9
-1.2
-31.2
-22.3
-64.7
-97.1
-71.9
-67.0
-30.8
-74.3
-54.2
-155.6
-110.3
Taxes
-62.2
-63.4
-54.8
-70.0
-75.8
-81.3
-83.9
-86.6
-89.1
-91.8
-92.8
-84.0
-99.8
-93.4
-96.1
-98.6
-101.4
-102.7
-105.1
-101.2
-83.9
-103.2
-102.3
-107.8
-111.4
-92.4
CFADS
111.3
107.0
137.6
160.6
131.7
127.6
127.0
130.1
133.8
138.0
144.5
161.8
117.7
113.9
104.5
102.5
105.9
110.1
123.6
118.3
134.6
129.3
153.1
166.8
202.7
31.2
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Royalties
Lifecycle Costs
Total Debt Service
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.19x
2.22x
2.36x
2.64x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.50x
2.60x
2.81x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
62.5
47.1
17.3
9.4
10.0
17.3
32.0
39.5
50.1
67.1
45.9
24.1
11.2
2.6
10.1
23.5
37.1
65.6
100.0
92.9
93.9
118.9
55.9
2.2
0.5
0.0
Minimum
1.46x
Average
1.77x
BLCR (life of debt)
Minimum
1.84x
Ending Balances
202
Scenario: GDP growth 0% and 0% CPI growth
2016
Year
2017
31 Jul 16 31 Jul 17
Year ending
CPI Assumptions
0.00%
0.00%
2018
2019
2020
31 Jul 18 31 Jul 19 31 Jul 20
0.00%
0.00%
0.00%
2021
2022
31 Jul 21 31 Jul 22
0.00%
0.00%
2023
2024
2025
31 Jul 23 31 Jul 24
0.00%
0.00%
2029
2030
2026
31 Jul 30
0.00%
2027
0.00%
2028
0.00%
0.00%
0.00%
2031
0.00%
2032
2033
31 Jul 31 31 Jul 32
31 Jul 33
0.00%
0.00%
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
0.00%
0.00%
0.00%
0.00%
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
0.00%
0.00%
0.00%
2041
2042
31 Jul 41 31 Jul 42
0.00%
0.00%
0.00%
Revenues
20.4
70.9
72.0
73.1
74.1
74.7
75.1
75.4
75.7
76.0
76.4
76.7
77.1
77.4
77.8
78.2
78.7
79.2
79.7
80.2
80.7
81.2
81.7
82.2
82.4
82.4
82.4
Operating Costs
-5.9
-11.4
-11.4
-11.5
-11.5
-11.5
-11.5
-11.5
-11.6
-11.6
-11.6
-11.6
-11.6
-11.5
-11.3
-11.3
-11.4
-11.3
-11.2
-11.2
-11.2
-11.3
-11.3
-11.3
-11.3
-11.3
-11.3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-18.2
-15.9
-2.7
-0.7
-2.0
-1.7
-31.7
-22.9
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.7
-6.2
-8.7
-9.1
-9.2
-9.5
-9.5
-9.5
-9.6
-9.7
-9.6
-9.7
-9.8
-9.2
-8.1
-9.8
-10.2
-10.4
-10.6
-10.1
-9.0
-10.4
-10.8
-11.0
-11.1
-11.1
-11.0
CFADS
-
46.7
45.5
46.8
46.8
47.1
52.1
48.9
53.0
41.4
44.8
49.6
48.1
50.1
50.8
45.7
43.0
44.8
47.7
46.2
58.9
57.6
56.0
56.1
51.0
48.3
49.5
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-0.9
-33.7
-0.9
-33.6
-0.9
-29.5
-0.9
-33.0
-0.9
-35.6
-0.9
-34.7
-0.9
-35.8
-0.9
-39.4
-0.9
-37.4
-0.9
-38.6
-43.4
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.1
-3.4
-3.4
-3.3
-3.4
-2.6
-2.3
-2.3
-2.7
-2.6
-2.6
-2.0
-2.9
-2.2
41.7
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-
-32.1
-31.8
-33.5
-34.1
-36.4
-37.7
-37.2
-36.8
-32.7
-36.6
-39.2
-38.2
-38.7
-43.2
-40.5
-40.3
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.45x
1.43x
1.40x
1.37x
1.29x
1.38x
1.32x
1.44x
1.27x
1.22x
1.27x
1.26x
1.29x
1.18x
1.13x
1.07x
1.02x
1.04x
0.94x
0.97x
0.96x
0.94x
0.95x
0.92x
0.94x
0.97x
N/A
1.18x
1.17x
1.16x
1.15x
1.15x
1.13x
1.12x
1.11x
1.10x
1.09x
1.08x
1.07x
1.05x
1.04x
1.03x
1.03x
1.02x
1.02x
1.02x
1.03x
1.03x
1.05x
1.06x
1.09x
1.11x
1.14x
0.0
19.2
19.2
19.2
19.2
19.2
16.5
18.1
12.4
17.0
19.8
18.2
17.8
20.0
19.7
19.3
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.0
19.5
19.0
25.4
33.2
19.6
11.5
20.6
31.7
41.0
50.3
23.8
2.7
4.7
7.0
12.4
20.5
26.6
35.2
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
Royalties
Minimum
0.86x
Average
1.15x
BLCR (life of debt)
Minimum
1.02x
Ending Balances
Year
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
Year ending
CPI Assumptions
Revenues
Operating Costs
Royalties
Lifecycle Costs
Taxes
CFADS
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
82.4
35.6
-11.4
-11.4
-11.4
-11.4
-11.4
-11.4
-11.4
-11.4
-11.5
-11.5
-11.5
-11.5
-11.5
-11.5
-11.6
-11.6
-11.6
-11.6
-11.6
-11.6
-11.7
-11.7
-11.7
-11.7
-11.7
-4.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-7.4
-0.6
-15.8
-27.7
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-19.0
-18.0
-15.3
-9.9
-1.2
-0.3
-0.3
-0.3
-4.3
-18.2
-11.0
-1.1
-74.3
-54.2
-1.8
-0.5
-11.0
-10.9
-11.4
-12.1
-12.6
-12.6
-12.9
-13.3
-13.8
-14.3
-14.5
-15.2
-16.2
-16.9
-17.8
-18.7
-19.8
-21.0
-22.4
-23.4
-25.3
-27.7
-29.9
-32.3
-35.0
-32.4
52.6
41.2
54.8
85.4
54.9
51.6
47.6
45.9
44.7
44.0
47.5
50.3
52.3
52.6
48.3
45.3
44.0
28.0
16.6
20.8
17.0
16.9
29.5
37.9
35.5
-9.0
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.04x
0.86x
0.94x
1.40x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1.16x
1.27x
1.57x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
46.7
39.9
17.3
9.4
10.0
14.7
25.0
28.0
34.2
46.8
36.7
24.1
11.2
2.6
6.1
12.5
19.2
40.7
68.2
76.5
93.9
118.9
55.9
2.2
0.5
0.0
Minimum
0.86x
Average
1.15x
BLCR (life of debt)
Minimum
1.02x
Ending Balances
203
Scenario: ALIS May 2016 Low Case
2016
Year
2017
2018
31 Jul 16 31 Jul 17 31 Jul 18
Year ending
CPI Assumptions
0.66%
1.29%
1.53%
2019
2020
31 Jul 19 31 Jul 20
1.67%
1.81%
2021
2022
31 Jul 21 31 Jul 22
1.90%
1.90%
2023
2024
2025
31 Jul 23 31 Jul 24
1.90%
2029
2030
2026
2027
2028
31 Jul 30
2032
2033
31 Jul 31 31 Jul 32
2031
31 Jul 33
2034
2035
2036
2037
31 Jul 34 31 Jul 35 31 Jul 36
2038
2039
2040
31 Jul 37 31 Jul 38
31 Jul 39
31 Jul 40
2041
2042
31 Jul 41 31 Jul 42
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
20.7
73.1
76.5
80.4
84.6
88.1
91.1
94.4
97.7
101.1
104.7
108.5
112.3
116.4
120.5
124.9
129.6
134.4
139.3
144.5
149.8
155.3
161.0
166.9
172.6
178.2
184.0
Operating Costs
-5.9
-11.5
-11.7
-11.9
-12.2
-12.4
-12.7
-13.0
-13.2
-13.5
-13.8
-14.1
-14.5
-14.5
-14.7
-15.0
-15.4
-15.6
-15.8
-16.2
-16.6
-17.0
-17.4
-17.8
-18.2
-18.6
-19.1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lifecycle Costs
-0.8
-3.2
-3.8
-3.1
-4.6
-7.9
-10.8
-5.1
-0.1
-9.2
-8.1
-1.1
-0.1
-22.1
-18.6
-2.7
-0.7
-2.0
-1.7
-37.1
-26.8
-0.4
-0.1
-0.1
-2.5
-5.8
-3.2
Taxes
-3.7
-6.3
-9.8
-10.8
-11.6
-12.3
-12.8
-13.5
-14.1
-14.8
-15.7
-21.2
-25.7
-25.9
-19.1
-29.1
-32.3
-34.5
-37.0
-37.8
-30.9
-41.5
-45.2
-47.8
-50.1
-51.9
-54.3
CFADS
-
48.7
48.6
52.0
54.2
56.7
63.6
62.5
67.9
58.0
63.4
65.9
63.4
68.4
78.0
67.7
66.6
69.7
74.5
77.0
100.8
95.0
94.8
95.6
91.9
92.6
96.6
-
-28.2
-0.9
-27.8
-0.9
-29.2
-0.9
-29.8
-0.9
-32.2
-0.9
-33.5
-1.0
-33.7
-1.0
-33.6
-1.0
-29.5
-1.0
-33.0
-1.0
-35.6
-1.1
-34.7
-1.1
-35.8
-1.1
-39.4
-1.1
-37.4
-1.1
-38.6
-57.5
-43.9
-
-46.1
-
-48.9
-
-60.7
-
-59.9
-
-59.7
-
-59.2
-
-55.5
-
-51.1
-
-51.0
-
-
-3.1
-3.3
-3.6
-3.8
-3.8
-4.0
-3.3
-3.1
-3.2
-3.8
-3.8
-3.9
-3.3
-4.6
-3.8
54.3
-
-
-
-
-
-
-
-
-
-
Total Debt Service
-
-32.2
-32.0
-33.8
-34.5
-37.0
-38.5
-38.0
-37.7
-33.7
-37.8
-40.6
-39.7
-40.2
-45.1
-42.3
-41.8
-43.9
-46.1
-48.9
-60.7
-59.9
-59.7
-59.2
-55.5
-51.1
-51.0
N/A
1.52x
1.52x
1.54x
1.57x
1.53x
1.65x
1.65x
1.80x
1.72x
1.68x
1.63x
1.60x
1.70x
1.73x
1.60x
1.59x
1.59x
1.62x
1.57x
1.66x
1.59x
1.59x
1.61x
1.65x
1.81x
1.89x
N/A
1.77x
1.78x
1.79x
1.79x
1.80x
1.80x
1.81x
1.80x
1.80x
1.80x
1.81x
1.81x
1.81x
1.81x
1.82x
1.83x
1.84x
1.86x
1.88x
1.90x
1.95x
2.00x
2.06x
2.14x
2.20x
2.26x
0.0
19.5
19.5
19.5
19.5
19.5
16.8
18.5
12.8
17.6
20.4
18.9
18.4
20.7
20.6
20.0
21.7
23.2
22.3
29.8
29.6
29.2
30.3
28.6
27.0
26.8
25.6
11.6
14.4
16.9
19.6
21.6
20.3
14.2
12.8
20.8
21.6
22.4
30.2
39.3
22.4
12.6
23.6
36.5
47.7
58.8
27.7
2.7
4.7
7.0
14.4
26.0
35.5
47.6
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2060
2061
2062
2063
2064
2065
2066
2067
2068
Royalties
Minimum
1.52x
Average
1.70x
BLCR (life of debt)
Minimum
-
1.77x
Ending Balances
Year
31 Jul 43 31 Jul 44 31 Jul 45 31 Jul 46
Year ending
CPI Assumptions
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
1.90%
Revenues
189.9
196.0
202.4
208.9
215.6
222.6
229.8
236.7
243.3
250.2
257.3
264.5
272.0
279.6
287.5
295.6
304.0
311.9
319.6
327.5
335.5
343.8
352.3
361.0
369.9
161.5
Operating Costs
-19.6
-20.1
-20.6
-21.1
-21.6
-22.1
-22.6
-23.2
-23.7
-24.3
-24.9
-25.5
-26.1
-26.7
-27.3
-28.0
-28.6
-29.3
-30.0
-30.7
-31.3
-32.1
-32.8
-33.5
-34.3
-14.4
Royalties
-
-
-
-
-
-
-
-
-
-
-
-
-
-24.8
-25.5
-26.2
-26.9
-27.7
-28.4
-29.1
-29.8
-30.5
-31.3
-32.0
-32.8
-0.6
-25.9
-34.9
-11.9
-2.9
-2.1
-0.1
-8.7
-6.3
-0.2
-31.9
-27.2
-15.3
-9.9
-1.2
-0.3
-0.3
-0.3
-4.3
-38.4
-25.4
-1.1
-74.3
-54.2
-1.8
-0.5
Taxes
-56.8
-57.6
-48.9
-63.8
-69.3
-74.4
-76.7
-79.2
-81.3
-83.7
-84.4
-75.5
-91.0
-94.1
-88.1
-90.2
-92.9
-95.7
-98.2
-98.5
-85.4
-103.8
-109.2
-114.2
-117.4
-102.7
CFADS
102.6
98.0
128.2
150.6
121.3
116.6
115.6
118.2
121.4
125.1
137.2
158.2
152.5
132.8
137.9
137.5
141.6
130.6
124.4
137.9
162.6
151.3
167.7
180.7
185.2
10.8
-50.7
-
-48.2
-
-58.4
-
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-50.7
-48.2
-58.4
-60.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.02x
2.03x
2.20x
2.47x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.33x
2.43x
2.64x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21.0
30.9
30.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
62.5
47.1
17.3
9.4
10.0
17.3
32.0
39.5
50.1
67.1
45.9
24.1
11.2
2.6
10.1
23.5
37.1
65.6
100.0
92.9
93.9
118.9
55.9
2.2
0.5
0.0
Lifecycle Costs
Total Debt Service
Minimum
1.52x
Average
1.70x
BLCR (life of debt)
Minimum
-33.6
1.77x
Ending Balances
204
THE ISSUER
Autoroute de Liaison Seine-Sarthe
Lieu-dit le Haut-Croth
27310 Bourg-Achard
France
JOINT ARRANGERS
Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
HSBC France
103 avenue des Champs-Eluysées
75008 Paris
France
JOINT BOOKRUNNERS
Deutsche Bank AG, London Branch
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
HSBC Bank plc
8 Canada Square
London E14 5HQ
United Kingdom
A1 BONDHOLDERS’ AND A2 BONDHOLDERS REPRESENTATIVE
ÆTHER Financial Services
75009 Paris
France
SECURITY AGENT
INTERCEDITOR AGENT
75009 Paris
France
75009 Paris
France
FISCAL AGENT AND PRINCIPAL PAYING AGENT
CACEIS Corporate Trust
1-3, place Valhubert
75013 Paris
France
AUDITOR OF THE ISSUER
Mazars
61 rue Henri Régnault
Tour Exaltis
92400 Courbevoie
France
205
LEGAL ADVISERS
To the Joint Arrangers and Bookrunners
as to French Law
White & Case LLP
19 place Vendôme
75001 Paris
France
To the Issuer as to French Law
Clifford Chance Europe LLP
1 rue d’Astorg
75008 Paris
France
206

Information Memorandum

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LA FILOSOFIA MATEMTICA DE KANT